A senior official in Taiwan said the country was studying the possibility of enacting a special law to regulate the cryptocurrency industry, with results expected to be announced in September this year.
Financial Supervisory Commission Chairman Tien-mu Huang said in response to questions from lawmakers in the National Assembly on Monday that regulators should carefully handle the links between traditional finance and cryptocurrencies and would more likely oversee the cryptocurrency sector through a dedicated department. Special law.
Huang noted that the FSC has begun studying the feasibility of crypto-asset law and plans to publish a preliminary study in September.
Regulators are currently prioritizing investor protection, he said, adding that a group of local cryptocurrency companies are preparing to set up a self-regulatory industry body to communicate and address related issues.
Currently, Taiwan requires cryptocurrency service providers to comply with anti-money laundering laws after the FSC introduced anti-money laundering regulations in July 2021. Otherwise, the cryptocurrency industry is largely unregulated.
In September 2023, the FSC published guidance encouraging the cryptocurrency sector to form its own supervisory rules, potentially through industry associations.
Additionally, some lawmakers have submitted proposals for a special draft crypto law in October 2023, with the expectation that the FSC could also present potential crypto legislation.
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