Taiwan Takes First Step Toward Crypto Regulation with Draft Virtual Asset Bill
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Taiwan introduced a draft virtual asset management bill, marking a first step toward crypto regulation.
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The bill seeks to define virtual assets, set standards for asset operators, ensure customer protection, and mandate industry association membership and regulatory permissions.
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The bill was accelerated after the FTX collapse due to the platform's popularity in Taiwan for high US dollar interest rates.
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The bill requires exchanges to commission accountant reports, allow regulator inspections, and adhere to asset ratio standards set by regulators.
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Industry stakeholders welcome formal oversight, and a second reading isn't yet scheduled as regulators will likely add submissions to the draft.
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