Taiwanese parliament begins to consider the bill on the regulation of cryptocurrencies – Bits Media

By the end of November, the draft law should enter the legislative Yuan Taiwan, according to which all cryptocurrency platforms, Those who want to work in the region, will be required to apply to the regulatory authority.

The bill will be submitted to the local one -time Parliament A deputy named young chan Chian(Yung-chang Chiang). The document prescribes: If market participants do not register with the regulator, he has the right to prohibit their activities. Chian has already held a public hearing in Yuan, Having coordinated the initiative with suppliers of virtual assets services (VASP) and legal consultants.

Bill, regulatory cryptocurrencies, appeared due to the growing number of offshore sites for trading digital assets. There are many crypto platforms in Taiwan, who have not yet stated their compliance with the requirements for combating money laundering, introduced back in July 2021 of the year. The politician claims, that cryptocurrencies as a class of assets are largely different from traditional finance, Therefore, they must be controlled using a special law.

Last week, a Taiwan financial supervision commission (FSC) Formed a cryptocurrency association, which includes some local crypto -rhines. Association has been created, To help industry companies meet FSC requirements. However, the legislator noted: Without special laws, the regulator measures against cryptocurrencies have no legal force:

“Based on the new law, supervisory authorities will be able to impose administrative fines on cryptocurrency platform operators, violate new rules. Without adopted law, regulators would not have the opportunity to impose fines ".

Chiana doubts, that the proposed bill will have time to pass all three readings until the end of the year. In connection with the approach of the elections, a lot of time will take to coordinate the state budget, The deputy believes. FSC can also offer its own version of the Law on Cryptocurrencies, But this will happen no earlier than the middle 2024 of the year.

In September, FSC reported, What about 52 Virtual assets service providers are ready to enter the Taiwan market. Last year, the department demanded that bankers ban the customers to use bank cards to buy cryptocurrencies.