It is expected that Taiwan will submit its crypto-dedicated bill by November of this year, to regulate the crypto sector under Taiwan’s jurisdiction.
Taiwan is an independent country as the Republic of China (ROC) has its dedicated laws & rules for citizens but China claims it is a province of the People’s Republic of China (PRC). In this country, crypto is fully unregulated but all the crypto companies are required to comply with anti-money laundering laws, to prohibit potential high-level illegal crypto fund transactions.
On 6 Oct 2023, In an interview with The Block, Yung-Chang Chiang, a member of the Legislative Yuan, said that lawmakers will soon propose the draft crypto act this month & if it faces delay then it will surely happen in November of this year.
The Taiwanese lawmaker reportedly said that crypto laws are necessary for the country because this digital assets market is different from the traditional financial system and traditional financial rules do not apply to this new asset class market.
The new laws will not only help the country’s regulators to regulate the crypto companies under precise rules & laws but also it will provide a perfect path for the crypto companies to evolve in the Taiwanese jurisdiction in full collaboration with the regulatory bodies.
As per reports, the majority of the crypto companies in this country are facing significant problems in the absence of crypto-dedicated laws. These crypto companies are failing to get technical & financial support from those giants that are focused on providing services to only regulated companies under laws.
The major problem that crypto companies are facing is banking services. The majority of the banks are not ready to provide banking services to the crypto companies, as they treat crypto platforms as highly risky business activity.
It is worth it to note that Hong Kong is a Taiwan-like country, which is also in conflict with China’s authority. The Hong Kong government always claims that Hong Kong is an independent country but China always claims Hong Kong as its special administrative region.
In contrast to China, Hong Kong introduced its crypto regulation framework in June of this year and invited crypto companies to set up their global & local headquarters under Hong Kong’s crypto-friendly jurisdiction.