Taiwan Takes First Step Toward Crypto Regulation with Draft Virtual Asset Bill

Taiwan introduced a draft virtual asset management bill, marking a first step toward crypto regulation.

The bill seeks to define virtual assets, set standards for asset operators, ensure customer protection, and mandate industry association membership and regulatory permissions.

The bill was accelerated after the FTX collapse due to the platform's popularity in Taiwan for high US dollar interest rates.

The bill requires exchanges to commission accountant reports, allow regulator inspections, and adhere to asset ratio standards set by regulators.

Industry stakeholders welcome formal oversight, and a second reading isn't yet scheduled as regulators will likely add submissions to the draft.