Taiwan formally proposes virtual asset management bill

On October 27th, a proposal for regulating cryptocurrency assets passed its first reading in Taiwan's legislative council (Legislative Yuan) based on official records. One of the co-sponsors of the proposal, Taiwanese legislator Yung-Chang Chiang, stated that "after the first reading of the bill, discussions on the regulatory framework for the virtual asset industry have entered the next stage. We hope that the Financial Supervisory Commission will also submit their version of the bill to the legislative body so that all sectors of society can further reach a consensus during the process." Despite the Financial Supervisory Commission (FSC) of Taiwan releasing guidelines for the cryptocurrency field last month, which allows the industry to develop self-regulatory rules through potential industry associations, the legislator stated that these measures lack legal enforceability. If the special cryptocurrency law is passed and enacted, all cryptocurrency platforms operating in Taiwan will be required to apply for a license.