Taiwanese lawmakers plan to introduce the first draft of a special law targeting cryptocurrencies by the end of November 2023. Legislative Yuan official Jiang Yongchang said the bill was “necessary” to regulate crypto-related businesses. He also said that crypto assets are different from traditional financial products and need to be managed through a special law. 📜

On October 6, Jiang Yongchang held a public hearing in Taiwan’s parliament to discuss the draft proposal with digital asset service providers, academics, and industry insiders. 👨‍💼

The development comes on the heels of Taiwan’s Financial Supervisory Commission (FSC) issuing guidelines aimed at improving cryptocurrency investor protection. The guidance includes rules covering the industry, such as separating assets in exchange vaults from those of customers and reviewing mechanisms for listing and delisting digital assets. 🛡️

Notably, the rule stipulates that foreign virtual asset service providers are not allowed to provide services in Taiwan without the necessary approvals from local regulatory authorities. 🚫

Meanwhile, Taiwan’s major cryptocurrency exchanges have formed an association to promote industry interests. 💼