Taiwan is well known for its tech advances and proactive approach to the digital age. The island nation recently proposed a draft amendment to the “Standards of Classification of Commercial Group” regulations. This new category, focused on digital asset services, would create a supportive framework for cryptocurrency enterprises.
Today, inside sources from the economic ministry provided further details regarding the expansive nature of the proposed business category. This includes exchanging cryptocurrencies for legal tender, facilitating crypto transfers, services for digital currency storage or management, and extending support related to issuing or selling digital currencies.
The main goal of this amendment is to empower digital currency firms to form industry associations. Through these groups, Taiwan aims to drive the formation of self-regulatory guidelines, thereby fostering an organized crypto environment in the country.
The Ministry of Economic Affairs is currently gathering public opinion, with the intention of finalizing the amendment in collaboration with the Ministry of the Interior by mid to late October. Taiwan has already implemented anti-money laundering regulations for virtual asset service providers (VASPs).
By championing self-regulation, Taiwan is endorsing the crypto industry’s growth and ensuring it evolves “responsibly.” The digital currency market has witnessed a significant decline in the past 24 hours, with the global crypto market cap value currently standing at a valuation of $1.036 trillion.