Taiwan's Cryptocurrency Regulation Journey. 🇹🇼

Taiwan is advancing cryptocurrency regulation with a special law for offshore exchanges, aiming for a November 2023 parliamentary review.

Yung-Chang Chiang from Taiwan's Legislative Yuan leads this effort to regulate crypto businesses, addressing concerns about offshore markets and "regulatory arbitrage."

A recent public hearing involved stakeholders and followed guidelines from Taiwan's Financial Supervisory Commission (FSC), enhancing investor protection.

Foreign virtual asset service providers must obtain local approvals. Taiwan's cryptocurrency exchanges formed an association to promote collaboration and industry interests.

This proactive approach demonstrates Taiwan's commitment to a responsible cryptocurrency ecosystem.