Reports from Wu Blockchain suggest the Taiwan Cryptocurrency Association is partnering with El Salvador’s authorities to advocate for a Virtual Assets Bureau to enhance its crypto regulations.
At a recent public hearing convened by Taiwanese lawmaker Kuo Kuo-wen on “Virtual Asset Supervision,” the cryptocurrency industry dominated the discussion.
The prospective establishment of a “Financial Technology Bureau” and the introduction of leveraged derivatives trading were among the topics examined. Representatives of the cryptocurrency exchanges Binance and Bitfinex were present.
In the meantime, the recent action of the Taiwan Cryptocurrency Association aligns with global efforts by regulatory bodies to gain greater control over the rapidly expanding and constantly changing cryptocurrency sector. Establishing a Virtual Assets Bureau aims to supervise cryptocurrency trading and improve consumer protection.
Taiwan, also known as the Republic of China, intends to release its virtual asset service provider (VASP) regulations by the end of the month.
The Taiwan Financial Supervisory Commission (FSC) will supervise virtual currencies, establish regulatory principles to combat money trafficking, and ensure compliance among crypto exchanges and companies.
Despite the ban on cryptocurrency trading and mining in mainland China, Taiwan is actively developing regulatory measures to strengthen its oversight of the crypto sector, concentrating on critical aspects of the regulatory framework.
The public hearing highlighted the imperative need for practical guiding principles, expanded regulations, government-backed industrial development policies, establishing a Financial Technology Bureau, and progress toward specialized legislation within Taiwan’s evolving cryptocurrency landscape.
In the meantime, Huang Xihe of the Financial Supervisory Commission emphasized the imminent formation of the Virtual Currency Business Association.
In his introductory remarks, Huang Xihe emphasized the contentious aspects of the current draft concerning autonomous management and the difficulties in providing insurance coverage for the cryptocurrency industry.
Chen Minghui, COO of Maicoin, advocated for particular laws and a hierarchical regulatory approach, citing potential operational challenges. In contrast, He Xuanrui of Binance emphasized the significance of transparent employee training and fostering cross-field collaboration.
In addition, Huang Xihe emphasized self-regulatory regulations, leaving the details to the industry association, and discussed stablecoin management and advertising considerations.
