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In September 2024, Taiwan’s Financial Supervisory Commission (FSC) plans to unveil a draft of a digital asset regulation. The bill aims to regulate digital asset markets and ensure investor safety.
Huang Tien-mu, the FSC chairman, emphasized the growing interconnection between digital assets and the traditional financial system. He cautioned that the former poses risks to the latter’s stability. Consequently, the committee will develop laws to protect the legacy financial system from digital asset risks.
The FSC’s speech warned investors about fraud risks associated with digital currencies. It also stated that strict administrative penalties would be introduced on traders attempting to defraud investors.
Taiwan’s legislators introduced the Virtual Asset Management Bill to the parliament in October 2023. The bill aims to provide better protection for customers and proper industry supervision. It also advocated fines for unlicensed virtual asset service providers (VASPs) from two million to 20 million Taiwanese dollars.
Taiwan’s Chamber of Commerce will release a study on Bitcoin ETFs in April 2024. Tien-mu stated that Taiwan is considering accepting spot Bitcoin ETFs under its regulatory view but cautioned against investing in foreign crypto-based exchange-traded products.
Also read: Goldman Sachs Foresees a Bright Future for Blockchain and Digital Assets
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