Taiwan concretizes crypto regulation: mandatory licenses for digital assets in planning

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Regulierung von Kryptowährungen in Taiwan: Neuer Rahmen für digitale Vermögenswerte Taiwan steht vor der Einführung grundlegender Regelungen zur Regulierung von Kryptowährungen. Die Financial Supervisory Commission (FSC) und ein Mitglied des legislatorischen Yuan haben jeweils eigene Versionen des „Virtual Asset Service Act“ entwickelt. Diese Gesetzesentwürfe könnten den rechtlichen Rahmen für den Umgang mit digitalen Vermögenswerten im Land entscheidend verändern. Der Bedarf an klaren Richtlinien Die FSC veröffentlichte kürzlich ihren Entwurf des „Virtual Asset Service Act“, während der Gesetzgeber Huang Shan-Shan Independently am Dienstag eine eigene Version vorlegte. Aktuell fehlt es Taiwan an klaren Vorschriften, die den Betrieb digitaler Vermögenswerte, die Erteilung …
Regulation of cryptocurrencies in Taiwan: New frame for digital assets Taiwan is faced with the introduction of basic regulations for regulating cryptocurrencies. The Financial Supervisory Commission (FSC) and a member of the legislatory Yuan each developed their own versions of the "Virtual Asset Service Act". These draft laws could significantly change the legal framework for dealing with digital assets in the country. The need for clear guidelines The FSC recently published its draft of the "Virtual Asset Service Act", while the legislator Huang Shan-Shan Independently presented its own version on Tuesday. Taiwan currently lacks clear regulations that grant the operation of digital assets, the grant ... (Symbolbild/KNAT)

Regulation of cryptocurrencies in Taiwan: New frame for digital assets

Taiwan is faced with the introduction of basic regulations for regulating cryptocurrencies. The Financial Supervisory Commission (FSC) and a member of the legislatory Yuan each developed their own versions of the "Virtual Asset Service Act". These draft laws could significantly change the legal framework for dealing with digital assets in the country.

The need for clear guidelines

The FSC recently published its draft of the "Virtual Asset Service Act", while the legislator Huang Shan-Shan Independently presented its own version on Tuesday. Taiwan currently lacks clear regulations that regulate the operation of digital assets, the granting of licenses and the protection of investors from fraud.

Although crypto company in Taiwan is already subject to combating money laundering (AML), there are uncertainties. The lack of special regulations for digital assets make it difficult for companies to distinguish legals from illegal trade practices. This often leads to sudden legal adjustments or punishments that can destabilize the industry.

The situation also remains uncomfortable for investors. Without specific laws, they are unprotected in the event of a collapse of a crypto exchange or a failed project. The new laws are intended to tackle these challenges and ensure that companies apply appropriate trade practices and maintain the interests of investors.

strict regulations and possible effects on small companies

The new law stipulates that companies that do not meet anti-money laundering requirements or exceed the government with fines of up to $ 5 million (approx. $ 150,400). In addition, the officials responsible could be detained for up to two years. The aim of the law is to tighten the legal requirements and ensure that crypto companies offer high quality services.

Kevin Cheng, crypto lawyer and general secretary of the Taiwan Fintech Association, is optimistic about the new regulations. He believes that they will improve the quality of the services in the industry. However, it is feared that small companies, whose capital is between $ 300 and 500 million NT $, could have difficulties with the increasing license fees.

Eddie Hsiung, another lawyer of the Taiwan Fintech Association, suggests that the rules are differentiated in order to give small fintech companies the opportunity to meet less strict requirements. In contrast, larger companies should meet higher standards.

Despite these concerns, the majority of the supporters of the draft law remains that stricter regulations are necessary to protect and prevent investors. Earlier top-class fraud cases in the crypto sector underline the urgency of such measures.

FAZIT

The FSC and the legislator are now required to take into account the feedback from the industry before finalizing the legislative template. A balanced relationship between regulation and innovation could enable small companies to grow and at the same time to comply with the regulatory standards. Clear guidelines are crucial to promote the safe and responsible handling of digital assets in Taiwan.