Taiwan Has introduced A new reshaping the crypto universe
1.bill date
On oct 25, Virtual assets managment Bill introduced by taiwan lawmakers it is notable step forward
2.goal of bill
Taiwan’s crypto bill main goal is a focusing on the consumer protection or proper supervison on the crypto industry
3.Important key
👉 Virtual asset service providers (VASPs) need to keep customers’ funds separate from their own reserves.
👉 VASPs must have an internal control system and audit mechanisms.
👉 They also need to be a part of the local trade association.
👉 Notably, the bill doesn’t require a 1:1 reserve for stablecoin issuers and doesn’t mention algorithmic stablecoins.
👉 Specific advertising rules are still to be set by the designated authority.
4.Fine or penalty
👉 Companies operating without a license face fines:
▶️ Minimum: 2 million Taiwanese dollars ($60,000).
▶️ Maximum: 20 million TWD ($600,000).
5. blockchain startups
Companies currently operating in the Taiwanese cryptocurrency market will have a six-month window to obtain the necessary licenses once the bill becomes active.
5.Industry’s Response
👉 Major Taiwanese #crypto exchanges have formed a self-regulatory body.
👉 This includes exchanges like MaiCoin, BitstreetX, and others.
👉 They’ve created the Taiwan Virtual Asset Platform and Transaction Business Association to support the industry and liaise with regulators.
Source@cryptokingkeyur⬇️
