Taiwan Proposes Landmark Crypto Bill, Passes First Parliament Reading

Taiwan has taken a significant step toward regulating the crypto sector by proposing a special crypto law, which has passed its first reading at the Legislative Yuan. This move signals a major shift in Taiwan\'s approach to digital assets, aiming to provide a clear legal framework for the burgeoning industry.

The proposed law will require all cryptocurrency platforms in Taiwan to apply for a license, ensuring greater oversight and consumer protection. According to the official announcement, the draft of the Crypto Act had its first reading today. Taiwan has officially proposed a draft crypto act for first reading today, The Block reports, citing official records.

This proposed legislation, often referred to as the Crypto Act, represents Taiwan taking its first steps toward regulating digital assets, introducing a crypto bill to the Legislative Yuan for its first reading. Proposal to regulate crypto assets passed the first reading. Taiwan has officially proposed a crypto bill that passed its first parliament reading and would require permits for crypto operations.

The implications of this legislation could be far-reaching, potentially attracting more investment and fostering innovation within a regulated environment. Stay tuned for further updates as the bill progresses through the Legislative Yuan.