Taiwan legislators proposed Taiwan’s first cryptocurrency law, and the draft bill contains 12 items

Odaily Planet Daily News: The Financial Supervisory Commission convened all cryptocurrency trading platforms in Taiwan that have completed the "Money Laundering Prevention Law Statement" in early August to discuss the "Virtual Asset Platforms and Transaction Business Enterprises (VASP) Guiding Principles" to be announced at the end of September. . Yesterday, legislator Jiang Yongchang held a press conference at the Legislative Yuan and announced that Taiwan’s first virtual assets law will be proposed during this session. The draft bill contains 12 items: 1. The virtual asset industry is a franchised industry and is subject to hierarchical management; 2. All virtual asset operators should join the association and abide by the association’s self-discipline regulations; 3. Virtual asset operators may issue virtual assets themselves or for others; 4. Virtual asset operators may operate goods and services derived from virtual assets as well as financial products derived from virtual assets; 5. Virtual asset operators need to formulate review procedures and trading rules for the listing and delisting of virtual assets; 6. Regulations on the separation of assets between virtual asset operators and clients; 7. Virtual asset operators enter into contracts and advertising and marketing-related regulations with customers; 8. Information security regulations for virtual asset operators; 9. Standards for money laundering prevention and internal audit and internal control systems of virtual asset operators; 10. The virtual asset industry shall comply with the financial supervision of the competent authorities and cooperate with the inspections of the competent authorities; 11. Establish a virtual asset fund to protect customer rights and interests; 12. Prohibition of unfair trading practices.