Guarantee

Cryptocurrency

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/taiwan-announces-plans-for-new-crypto-asset-regulation-draft-2/" data-wpel-link="internal">Taiwan Announces Plans for New Crypto Asset Regulation Draft</a><br></p>
<p class="p1" style="text-align: justify">The Financial Supervisory Commission <strong>(FSC)</strong> has announced it will propose a new crypto asset regulation draft for Taiwan in September 2024. According to a news report published by UDN on March 4th, FSC chairman Huang Tianmu stated that the upcoming draft law aims to create more effective regulations for crypto asset markets and ensure the safety of investors.</p> 
<h2 class="p1" style="text-align: justify" id="taiwan-s-crypto-law-takes-center-stage">Taiwan’s Crypto Law Takes Center Stage</h2> 
<p class="p1" style="text-align: justify">In his speech, he also warned investors about the potential fraud risks associated with cryptocurrencies and cautioned that strict administrative penalties would be applied against criminals attempting to defraud investors. Huang emphasized that the increasing connection between crypto assets and the traditional financial system posed a threat to the latter. The committee will also develop laws to protect the stability of the old financial system from the risks of crypto assets.</p> 
<p class="p1" style="text-align: justify">Taiwanese lawmakers introduced the <a href="https://en.coin-turk.com/amidst-economists-skepticism-why-cryptocurrency-gains-support-from-influential-millionaires/" data-wpel-link="internal">Crypto</a> Asset Management Bill to the unicameral parliament on October 25th. The bill aims to provide better protection for investors and to properly regulate the industry. It also proposes fines ranging from two million Taiwan dollars, worth 60,000 US dollars, to twenty million Taiwan dollars, worth 600,000 US dollars, for unlicensed Crypto Asset Service Providers <strong>(VASP)</strong>.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-264053 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/Tayvanda-Kripto-Duzenlemelerine-iliskin-Yeni-Yasa-Tasarisi-icin-Kasim-Ayina-isaret-edildi-coin-turk-com.webp" alt="" width="1280" height="720"></p> 
<h2 class="p1" style="text-align: justify" id="taiwan-and-cryptocurrency-exchanges">Taiwan and Cryptocurrency Exchanges</h2> 
<p class="p1" style="text-align: justify">According to Gao Jingping, deputy director of the Guarantee Bureau, the Taiwan Chamber of Commerce will also publish a study on <a href="https://en.coin-turk.com/bitcoin-faces-strong-selling-pressure-despite-golden-cross-formation/" data-wpel-link="internal">Bitcoin</a> exchange-traded funds in April. Tianmu also mentioned that Taiwan is considering accepting spot Bitcoin exchange-traded funds under its regulatory scope but warned market participants against investing in foreign crypto-based exchange-traded products.</p> 
<p class="p1" style="text-align: justify">The Taiwan Financial Supervisory Commission prohibits foreign crypto exchange companies from operating in Taiwan without the necessary approvals from the regulatory body. The rules were established following the formation of a self-regulatory association by the country’s leading cryptocurrency exchanges on September 26, 2023. Local exchanges such as BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito have joined forces to support the crypto industry and collaborate with regulators.</p> 
<p class="p1" style="text-align: justify">The FSC granted the country’s first security token offering (STO) license to Cathay Securities on November 9, 2023, allowing the firm to issue tokenized bonds worth 930,000 dollars every six months.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/taiwan-announces-plans-for-new-crypto-asset-regulation-draft-2/" data-wpel-link="internal">Taiwan Announces Plans for New Crypto Asset Regulation Draft</a></h5>

Taiwan Announces Plans for New Crypto Asset Regulation Draft

Table of Contents

COINTURK NEWS

Other articles published on Mar 4, 2024

Bitcoin, Ethereum Take A Siesta While Dogecoin Surges After February Frenzy: Analyst Sees Apex Cr...

Bitcoin Crypto Aims $70K After A Firm Footing Near $60 K Level?

Bitcoin (BTC) to Hit $120,000 as Historic Patterns Repeat, Says Analyst

Bitcoin Hits Record Peak, Sparks Activity in Crypto Space

If Bitcoin Exceeds $69,000, How Far Will the New Record Extend? Tether Co-Founder Disclosed

CoinZoom Complete Analysis, Its Working, Advantages & Future

Join our free newsletter for daily crypto updates!