Taiwan To Introduce New Digital Currency Laws In September
The Financial Supervisory Commission (FSC) in Taiwan is set to propose a new draft of digital asset regulations in September 2024.
The draft bill aims to create more effective regulations for digital asset markets and ensure investor safety.
Huang Tianmu, the FSC chairman, warned investors of potential fraud risks associated with digital currencies and warned of strict administrative penalties for merchants trying to defraud investors.
The committee will also develop laws to protect the legacy financial system from digital asset risks. The Virtual Asset Management Bill, introduced by Taiwanese legislators, aims to provide better customer protection and proper supervision of the industry. It also suggests a fine for unlicensed Virtual Asset Service Providers.
(With inputs from Shikha Singh)
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