Market news, the chairman of Taiwan’s Financial Supervisory Commission, Peng Jinlong, announced that the draft special law on virtual assets will be submitted to the Executive Yuan before June next year. This means that virtual currencies including Bitcoin will be subject to special laws and regulations. For traditional financial institutions, the legalization of virtual assets has opened up business opportunities in the market, prompting proactive actions.
Associate Professor Yang Yueping from National Taiwan University Law School stated that the decision of the Financial Supervisory Commission to establish a special law for virtual assets should also allow traditional financial institutions to engage in virtual asset businesses simultaneously. Traditional financial investments in the virtual asset industry are beneficial for its development. From the perspective of the Financial Supervisory Commission, having individuals with a good understanding of compliance in this industry can help align regulatory requirements.
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