Taiwan, El Salvador Partner to Enhance Crypto Regulation
Reports from Wu Blockchain suggest the Taiwan Cryptocurrency Association is partnering with El Salvador's authorities to advocate for a Virtual...
- The Taiwan Cryptocurrency Association is partnering with El Salvador's authorities to advocate for a Virtual Assets Bureau to enhance crypto regulations.
- A recent public hearing in Taiwan focused on virtual asset supervision, with topics including the establishment of a Financial Technology Bureau and leveraged derivatives trading.
- The Taiwan Financial Supervisory Commission (FSC) plans to release virtual asset service provider (VASP) regulations by the end of the month.
- Taiwan is actively developing regulatory measures to strengthen oversight of the crypto sector, despite the ban on cryptocurrency trading and mining in mainland China.
- The public hearing highlighted the need for practical guiding principles, expanded regulations, government-backed industrial development policies, and progress toward specialized legislation.
- The imminent formation of the Virtual Currency Business Association was emphasized, along with the challenges of autonomous management and insurance coverage for the cryptocurrency industry.
- Different perspectives were presented, including the importance of transparent employee training, cross-field collaboration, self-regulatory regulations, stablecoin management, and advertising considerations.
The article provides information about Taiwan's efforts to strengthen regulations in the cryptocurrency sector, highlighting partnerships, public hearings, and the establishment of regulatory bodies. The overall sentiment is positive, as it emphasizes the proactive approach of Taiwan's authorities in addressing the challenges and opportunities in the crypto industry.