In a statement Yung-Chang Chiang made, “After the first approval of the bill, discussions regarding the regulatory framework for the digital asset industry have moved on to the next stage.”

We hope that the “Financial Supervision Commission” can present its own legislation version to the legislative body, thus enabling different sectors of society to strengthen consensus throughout the process.” he added.

You might like: dYdX Announced: Layer 1 Network Active!

Last month, while the Financial Services Committee (FSC) of Taiwan Parliament issued guidelines on the creation of an industry association that could establish its own self-regulating rules for the crypto sector, lawmakers had stated that such measures lacked legal applicability.

Therefore, under this special law, regulatory bodies can impose administrative penalties on businesses that violate self-regulation rules. Without such a special law, regulators will not have the authority to impose penalties.

Chiang, in a statement he made at a parliamentary session earlier this month, said that the special crypto law proposed by him and other 16 MPs would require all crypto platforms in Taiwan to make a permission application.

There is no set timetable for the bill’s second reading, but according to Chiang’s office, this may not happen until the end of 2024. The current term of all MPs in Taiwan ends this upcoming January.

In the comment section, you can freely share your comments and  opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.

The post Taiwan Parliament Passes Crypto Law Proposal from First Approval appeared first on Coin Engineer.