The draft "Regulations on the Management of Virtual Assets" in Taiwan has passed the first reading in the Legislative Yuan

ChainCatcher news, according to The Block, the draft "Virtual Asset Management Regulations" has passed its first reading in the Legislative Yuan of Taiwan.

Legislator Yung-Chang Chiang, who jointly proposed the special bill, stated: "After the first reading of the bill, discussions regarding the regulatory framework for the virtual asset industry have entered the next stage. We hope that the Financial Supervisory Commission can also submit its own draft bill to the legislative body, allowing various sectors of society to further build consensus in this process."

He noted that although Taiwan's "Financial Supervisory Commission" released guidelines last month for the cryptocurrency industry to establish self-regulatory rules through a potential industry association, such measures lack legal enforceability.

If the "Virtual Asset Management Regulations" draft is passed, it will require all cryptocurrency platforms operating in Taiwan to apply for a license. There is currently no timetable for the second reading.