Taiwan introduces crypto regulation proposal

Taiwan has introduced a crypto bill for its first reading to the Legislative Yuan, the country’s parliament, The Block reported, citing official records. 

See related article: Taiwan may mandate public servants to declare crypto holdings

Fast facts

• The bill proposed Friday, mandates crypto platforms in Taiwan to apply for an operating permit. Failure to do so may result in a forced shutdown of their operations.
• Taiwan’s Financial Supervisory Commission last month rolled out guidelines prompting the local crypto industry to devise its own self-regulatory standards, according to the Block. 
• Yung-Chang Chiang, one of the lawmakers backing the proposals, told the crypto media outlet that the “special law” would grant regulatory authorities the power to levy administrative penalties on entities flouting self-regulation rules.
• Chiang reportedly added that a date for the second reading has not been set. 

See related article: Taiwan tightens crypto governance, HK acts on JPEX; El Salvador stockpiles Bitcoin