Taiwan lawmakers and regulators separately advance crypto bills, both requiring all platforms to apply for licenses

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According to ChainCatcher and The Block, Taiwanese legislator Huang Shan-shan held a public hearing on the draft cryptocurrency special law on April 1st. She stated that she plans to formally submit the bill for its first reading soon and hopes the law will be enacted by the end of this year. Meanwhile, Taiwan's financial regulatory authority officially published the draft Virtual Asset Services Law last week. The Financial Supervisory Commission is currently seeking public feedback on the draft law, with the deadline set for May 24th, and plans to submit the draft bill to the Executive Yuan for review by the end of June.

Both versions of the bill aim to require all cryptocurrency platforms operating in Taiwan to apply for licenses, with overseas crypto service providers also being required to establish a physical presence in Taiwan and obtain relevant permits. Multiple industry professionals at Tuesday's public hearing on the draft cryptocurrency special law noted that the proposed crypto legislation would significantly increase compliance costs for crypto companies.

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