Taiwan Moves Closer to Crypto Regulation with New Draft Laws
Taiwan is advancing toward comprehensive crypto regulation with the recent release of two separate drafts for a crypto act.
The Financial Supervisory Commission (FSC) published the “Virtual Asset Service Act” last week, while lawmaker Huang Shan-shan unveiled her own version on Tuesday. Both drafts propose that all crypto platforms in Taiwan, including overseas providers, must obtain licenses to operate, setting the stage for a clearer regulatory framework.
Huang’s version of the act aims for a first reading soon, with plans to pass it by the end of 2025. The FSC is gathering public feedback on its version until May 24, intending to submit it for review by Taiwan’s cabinet by June.
While the push for regulation is gaining momentum, there are concerns over the rising compliance costs for crypto firms. Industry experts noted that the proposed regulations would likely push the operational requirements for smaller firms beyond reach. Some have suggested that a tiered approach to regulation based on company size could ease this burden.
Taiwan’s crypto regulation push comes after an unsuccessful attempt in 2023 to introduce a similar bill. This latest effort seeks to raise operational standards for crypto businesses, potentially making it harder for smaller firms to stay in business, while promising a more stable and liquid trading environment for investors.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a "detective-like" mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
