Taiwan Has Plans to Introduce New Law to Regulate Cryptocurrencies
A new draft of digital asset regulations for Taiwan revised by the Financial Supervisory Commission (FSC) is set to be proposed in September 2024.
According to a report by UDN on March 4, the FSC’s chairman Huang Tien-mu stated that the upcoming bill will aim to create more effective regulations for digital asset markets and ensure investor safety.
Huang also warned investors about the potential risks of fraud associated with digital currencies and announced that strict penalties will be imposed on merchants found guilty of defrauding investors.
The chairman emphasized the increasing interconnectedness between digital assets and the traditional financial system, with the former posing a threat to the latter.
The commission is also working on laws to safeguard the stability of the traditional financial system against these risks.
