Taiwan lawmakers are seeking to submit a first draft of a special law on offshore exchanges by the end of November, The Block reported.
By the end of November, or earlier, the plan had been to make the first draft available for reading to the parliament. He added that such an act was necessary for the regulation of crypto-related companies as crypto assets differ from traditional financial products and need to be governed through a special law.
Virtual asset service providers, legal experts and scholars also spoke in the Taiwanese parliament today to discuss the draft proposal.
Since the Financial Supervisory Commission introduced them in July 2021, Taiwan has had virtual asset services providers follow anti-money laundering laws.
Where and how can I learn more about Cryptocurrency regulations around the world? The event, entitled The Future of Digital Assets, features transformative Digital Asset and Crypto business leaders and investors. If there's no special law in place, regulations cannot do much for Taiwan, which is where many crypto platforms operate without AML compliance with the FSC. Somewhere in the next few years, officials are expected to implement the law.
Binance, which hasn't received regulations in the country, has encountered difficulties getting appropriate banking services, making it difficult to access cryptocurrencies like Binance.
Binance is establishing a local business, named Binance.
The move comes on the heels of guidelines issued by Taiwan's Financial Supervisory Commission last week, which were for improving cryptocurrency investor protections. The guidelines included regulations covering the entire industry, including separating assets in exchanges' treasury from those of the customer and mechanisms for checking the listing and delisting of digital assets.
The regulations state that foreign virtual asset service providers cannot provide services in Taiwan without the necessary approvals from local regulatory authorities. In addition, Taiwan's major cryptocurrency exchanges formed a network for betterment of industry interests.
India Pivots on Crypto after Reviewing G20 Proposal, Secretary of Economic Affairs said.
The Future of Digital Assets conference, scheduled for Nov. 14th, is expected to be a pivotal gathering for the digital assets community.