Yung-Chang Chiang, a Taiwan lawmaker, said that he hopes to propose the draft act for first reading by the end of November, if not sooner.
Taiwan lawmakers are hoping to propose a draft special law for first reading by the end of November in an attempt to prevent regulatory arbitrage as concerns surrounding offshore exchanges mount.
While Taiwan’s Financial Supervisory Commission last week released guidelines for the crypto sector to form its own self-supervisory rules through a potential industry association, such measures lack legal enforceability, the lawmaker said. Currently, Taiwan has required virtual asset services providers to comply with anti-money laundering laws since the FSC introduced anti-money laundering rules in July 2021. Otherwise, the crypto industry remains largely unregulated.
Taiwan’s FSC may also propose its own version of the special crypto law, but that would likely occur mid-2024 at the earliest, according to Chiang. “It's hard to say exactly when the special law will be enacted, but it should likely occur sometime after the middle of 2024.”Damien Ho, representative of global partnerships of Binance, said at the same hearing that many crypto platforms in Taiwan still struggle to get access to suitable banking services.
Binance did not immediately respond to a request for comment about its banking setup in Taiwan. The Block reported in August that Binance, the world’s largest crypto exchange, is applying to get registered in Taiwan for AML compliance.
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