Ever thought about the behind-the-scenes dance that goes on in the world of crypto regulations? Well, Taiwan’s taking the lead and showing us some new moves!
Taiwan, in a bold stride, has proposed adding a fresh business category in its regulations. And guess what? This could pave the way for crypto-related firms to form their very own industry associations. The goal? To nurture the growth of self-regulatory guidelines. Sounds like a win-win, right?
The Ministry of Economic Affairs, not wanting to miss out on the crypto party, announced that they’re drafting an amendment. This amendment is all about adding a special category for digital asset services to the “Standards of Classification of Commercial Group” regulations.
Now, let’s dive a bit deeper. What does this new business category entail? It’s all about defining the operations within the crypto sector. We’re talking about exchanging cryptocurrency for legal tender, facilitating those nifty crypto transfers, offering storage services, and even assisting with the issuance or sale of cryptocurrency. Quite the comprehensive list, huh?
But wait, there’s a twist! Before this becomes the law of the land, the ministry is seeking public opinion. They’re all ears, wanting to know what the people think. And once they gather all the feedback, they plan to finalize this amendment with the Ministry of the Interior. The timeline? We’re looking at mid- or late-October.
Now, a quick flashback. Taiwan has been on its toes, ensuring that virtual asset services providers (VASPs for short) stick to its anti-money laundering laws. This has been the case since July 2021. But apart from that, the crypto industry in Taiwan has been like the wild west – largely unregulated.
The cherry on top? By setting up an industry association, crypto firms can whip up their own set of rules. It’s like giving them the tools to build their own playground!
In a nutshell, Taiwan’s making waves in the crypto world, ensuring that the industry grows in a structured yet flexible manner. It’s a dance of regulations, and Taiwan’s leading the way!
