Taiwan is moving towards stricter cryptocurrency regulation. Two separate bills have been proposed mandating licenses for all crypto platforms operating within the country, including those based overseas. This marks a significant step towards formalizing the digital asset landscape in Taiwan. One bill originates from the financial authorities and is currently open for public comment until May 24th. The second bill, proposed by a member of the Legislative Yuan (parliament), is slated for its first reading soon. Both proposals aim to provide a clear regulatory framework and protect investors. The licensing requirement will likely involve demonstrating financial stability, implementing robust security measures, and adhering to anti-money laundering (AML) protocols. This move signals Taiwan's intent to foster responsible innovation within the crypto space while mitigating potential risks associated with unregulated platforms. The impact of these regulations on the existing crypto ecosystem in Taiwan remains to be seen. ```
