Taiwan Proposes New Crypto Business Category to Foster Self-Regulation
Taiwan is taking a proactive approach to the crypto industry by proposing a new regulatory framework specifically for crypto-related firms. The Ministry of Economic Affairs has announced a draft amendment to create a new business category focused on digital asset services. The goal is to empower these firms to form industry associations and establish self-regulatory guidelines.
Key Points:
– The proposed business category includes activities such as exchanging cryptocurrencies, facilitating transfers, and providing storage or management services.
– Taiwan aims to foster an organized crypto environment by driving the formation of industry associations and self-regulatory guidelines.
– The Ministry of Economic Affairs is currently gathering public opinion and plans to finalize the amendment by mid to late October.
– While Taiwan has implemented anti-money laundering regulations for virtual asset service providers, its digital currency industry remains largely unregulated.
– By championing self-regulation, Taiwan is endorsing responsible growth in the crypto industry.
Hot Take:
Taiwan’s proposal to create a new business category for crypto-related firms and encourage self-regulation demonstrates its commitment to fostering a supportive environment for the crypto industry. By allowing these firms to form industry associations and establish guidelines, Taiwan aims to bring organization and responsibility to the digital currency landscape. This move aligns with Taiwan’s reputation for technological advances and proactive measures in the digital age.
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