- Taiwan regulatory authorities convened at a public hearing to formulate new industry guidelines.
- Two major cryptocurrency platform representatives were in attendance.
- Taiwan’s crypto landscape is evolving rapidly amid the ongoing Asian boom.
As cryptocurrency adoption surges across Asia, regions like Hong Kong and Japan have been among the most diligent in embracing transformative technology. Taiwan refuses to be left behind, forging ahead with new regulations and guidelines.
On September 7th, the Taiwan Cryptocurrency Association held a public hearing to discuss the inception of a “Financial Technology Bureau” unit and government-backed regulations aimed at overseeing and controlling leveraged derivatives trading in the region.
The hearing, led by Taiwan Democratic Progressive Party’s Guo Guowen, consisted of 17 government representatives, industry leaders, regulators, and scholars, including Binance, Maicoin, and Bitfinex representatives.
The head of securities at the Financial Management Association, Huang Xihe, ignited the discussions with a proposal to establish a virtual currency business guild that will combat the challenges of transparency, asset separation, and insurance within the cryptocurrency sector.
Lin Mingjun, Chief of the Economic Section of the Police Department, and the Ministry of Justice’s Chief You Liling underscored the challenges of tackling fraud and money laundering within cryptocurrency. The agency representatives outlined their ongoing efforts to mitigate the threats and emphasized the importance of establishing a special authority and dedicated legal guidelines to handle crypto management.
Ensuring that hardline regulations would not stifle the innovation and opportunity of blockchain, Deputy head of the Taiwan Digital Industry Department, Shi Weiren, highlighted blockchain’s potential to advance evidence storage, collection, and information verification, which each serves to assist in the fight against fraud.
Binance representative He Xuanrong and Maicoin’s Chen Minghui advocated the importance of transparency in lessening operational hurdles and the need for cross-field cooperation and diverse field management. Other association representatives and lawmakers expressed the need for clearer industrial policies and closer cooperation between competent authorities and the trade association to refine the set norms.
Shaping Regulatory Standards In Taiwan
Taiwan authorities have taken decisive steps to bolster regulatory guidelines and oversight in the growing cryptocurrency sector to foster a secure and favorable ecosystem.
During a meeting with the Finance Committee of the Legislative Yuan in April, the Chairman of Taiwan’s Financial Supervisory Commission, Huang Tien-mu, announced the region’s plans to release a new crypto regulatory framework in September.
A local report later disclosed that the Taiwan regulatory authorities would unveil ten new principles tailored for exchanges and brokers within Taiwan by the end of September. These efforts aim to strengthen the registration process’s clarity and enforce strict regulations on exchanges operating within its jurisdiction.
On the Flipside
- Taiwan’s push for crypto regulations adds to the expanding landscape of crypto developments within Asia.
- Hong Kong recently sanctioned the exchange JPEX for non-compliance, and a rug pull scam involving over HK$34 million.
- On September 15th, crypto startups in Japan recorded a significant milestone as the government approved crypto fundraising for businesses.
Why This Matters
Taiwan’s commitment to embracing the thriving ecosystem of cryptocurrencies is reflected in the convergence of significant industry leaders to shape a robust regulatory framework for crypto in its financial sector. The decisions made here may set a precedent for other jurisdictions grappling with crypto regulation, impacting expansion on a global scale.
Read more on HongKong’s commitment to cryptocurrency adoption:
Hong Kong LegCo Member Allays Vitalik Buterin’s Concerns
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