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 <p class="is-style-lead"><br>Taiwan is moving forward with plans to regulate the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry by proposing a draft special law for first reading by the end of November, according to a lawmaker.</p>
 <p>Yung-Chang Chiang, a member of Taiwan’s parliament, said in an interview with The Block published on October 6 that a dedicated <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset act is necessary to oversee <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms, arguing that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> diverges from traditional finance and requires tailored oversight.</p>
 <p>Chiang held a public hearing to discuss a draft proposal for the law. It would require all <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> platforms operating in Taiwan to obtain a permit from regulators. Without a permit, regulators could order them to cease operations.</p>
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 <p>Currently, Taiwan only requires virtual asset service providers to comply with anti-money laundering laws. The rest of the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry remains largely unregulated. Chiang said many <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> platforms are still not declaring AML compliance.</p>
 <p>Passing the law is unlikely before the current legislative session ends this year, Chiang said, but added he expects it to occur sometime after mid-2024.</p>
 <p>The push for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="regulation" href="https://thebittimes.com/tag/regulation.html">regulation</a> comes as concerns mount over regulatory arbitrage and offshore exchanges. Crypto businesses say they still struggle to get banking services in Taiwan despite regulators asking banks to serve the industry.</p>
 <p>Industry members argue compliance is necessary but should be introduced gradually based on company size. They recommend small platforms be regulated by industry-formulated rules after registering, while large firms should get permits and apply for financial licenses.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/taiwan-to-propose-crypto-regulation-in-november-tbt65385.html">https://thebittimes.com/taiwan-to-propose-crypto-regulation-in-november-tbt65385.html</a></p>

Taiwan to propose crypto regulation in November

TheBitTimes

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