Taiwan’s “Virtual Asset Management Bill” passed the first reading in Taiwan’s legislative body. Yung-Chang Chiang, co-sponsor of the proposal, said: “Following the first reading of the bill, the discussion on the regulatory framework for the virtual asset industry has entered the next stage, and we hope that the Financial Supervision Commission will also submit it to the legislative body their version of the draft bill so that all sectors of society can further build consensus in the process.”
If passed and enacted, the Virtual Asset Management Bill will require all crypto platforms operating in Taiwan to apply for a license. There is currently no timetable for the second reading, but it may not take place before the end of January 2024. (The Block)