Taiwan lawmakers reportedly aim to pass a first draft of a special law by the end of November 2023, according to a report from the block.
Yung-Chang Chiang, an official in Taiwan's Legislative Yuan, said in an interview that he intends to make the first draft available for reading in parliament by the end of November or earlier and that such a law is "necessary" to regulate business. related to cryptocurrencies.
This comes as Taiwan's lawmakers are increasingly concerned about activity in offshore markets and seek to avoid "regulatory arbitrage." Chiang says cryptoassets differ from traditional financial products and must be governed by a special law.
On October 6, it held a public hearing in the Taiwanese parliament involving digital asset service providers, academics and other industry members to discuss the draft proposal.
Related: Taiwan watchdog FSC to take over cryptocurrency regulation authority
This follows guidelines published September 26 by Taiwan's Financial Supervision Commission (FSC), which took measures to improve the protection of cryptocurrency investors.
The guidelines included industry-spanning rules, including the separation of assets in the exchanges' treasuries from those of the client, along with mechanisms for reviewing the listing and delisting of digital assets.
Additionally, the rules state that foreign virtual asset service providers cannot provide services in Taiwan without the necessary approvals from local regulatory authorities.
On the same day, major cryptocurrency exchanges operating in Taiwan fformed an association to promote the interests of the industry.
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