Taiwan going to adopt new crypto regulation structure in Sep 2024

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The Taiwanese lawmakers are doing their best to introduce crypto dedicated rules & laws through a new bill this year.

Taiwan is an island that has been governed independently from mainland China since 1949. In the world, Taiwan is known as the Republic of China (ROC). However China views Taiwan as a breakaway province that will eventually be under Beijing’s control but Taiwan sees itself as a distinct country from the Chinese mainland. Taiwan has its own constitution and democratically-elected leaders.

On 4 March 2024, UDN reported that the The Financial Supervisory Commission (FSC) will propose a new draft of the digital assets regulation in Sep of this year.

Reportedly FSC chairman Huang Tien-mu said upcoming bill on the crypto regulation will be more effective to protect the crypto Investors & regulate the crypto related activities across the country.

Furthermore the FSC chairman warned citizens against the crypto related frauds as well as warned that the enforcement agencies will take strict action against those actors who will be found guilty in any kind of crypto fraud or crime.

Huang also dragged attention toward the increasing dominance of cryptocurrencies against the traditional financial sector. A dedicated committee on the crypto bill will create a perfect regulatory framework to maintain the stability between the crypto & traditional financial sector.

Taiwan follows Hong Kong

Hong Kong showed significant inclination toward the crypto adoption under precise rules & laws since mid of 2023. It seems that Taiwan is going to follow Hong Kong’s footsteps to adopt the crypto sector & attract crypto companies.

Because of the crypto regulation & adoption under precise rules, Hong Kong successfully attracted many Crypto companies and also many people from Mainland China shifted to Hong Kong to get crypto & blockchain related jobs.

Read also: Hong Kong regulator warns against “fake crypto exchange” HSKEX