Taiwan introduces crypto regulation proposal

Taiwan has introduced a crypto bill for its first reading to the Legislative Yuan, the country’s parliament, The Block reported, citing official records. The bill proposed Friday, mandates crypto platforms in Taiwan to apply for an operating permit. Failure to do so may result in a forced shutdown of their operations. Taiwan’s Financial Supervisory Commission last month rolled out guidelines prompting the local crypto industry to devise its own self-regulatory standards, according to the Block. Yung-Chang Chiang told the crypto media outlet that the “special law” would grant regulatory authorities the power to levy administrative penalties on entities flouting self-regulation rules.

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