Throughout the world, we can see that all of the countries are looking towards making a regulatory Framework that is going to decide how cryptocurrencies and digital assets are going to be treated in their country which has been a major concern after the activities that we can see happening all around that particular sector which involves most leader and ethical one which led to the consumers losing quite a lot of their funds and which is causing a very big security issue as well for the country because of which the government is taking allotment in developing a safeguard for that particular thing and that is happening in almost everything in the recent times.
It comes as No Surprise that it is going to be something that is going to be seen at a very big level because it has reached a stage that is causing quite a lot of an impact because of which it has become extremely important to take steps to be making it come under control else it may reach a certain stage when it may not come under control at any cost.
And the most effective thing that can be done to control this particular activity is for the government to get themselves involved as well as the authorities who are responsible for these particular things are going to be giving in efforts to make sure that these particular things are taken care of and sufficient steps are taken which are going to be the deciding factor for these activities to go less on the rate that they are rising at right now.
Taiwan particularly has sped up its process to get its regulatory Framework for cryptocurrency and it has decided that by the end of November 2023 which is about 60 days away from now, they are going to have that particular draft for the special laws that they are planning to implement for the same.
The lock makers in Taiwan have heavy concerns and their growing as well because of the activities that are happening in the awesome market and that may impact their own country as well if they are not been serious about the regulatory changes that are needed for the country, especially for Crypto acids and that is something which is completed different from the traditional financial product and is required to be made some special laws that they are going to be defined and jurisdiction by.
In the Parliament of Taiwan, there have been heavy discussions about the same draft proposal that has been something which gained a lot of attention in recent times for the digital Assets and cryptocurrencies in total consideration for that particular law that needs to be implemented in the country and as per reports it is going to be presented as a draft form by the end of November 2023 and it is also going to be implemented quite soon as well.
Some key highlights from that particular draft that Taiwan is discussing right now implementing cryptocurrencies include rules about blanket in the industry as well as implementing a system that will separate the assets in the treasury of exchanges as well as the customers who are accessing that particular platform.
Another very important new additional rule that has been implemented in Taiwan is that foreign virtual asset services providers like cryptocurrency exchanges or any business that wants to operate in Taiwan need to have approval that is going to be taken from the local regulatory authorities before even thinking about operating in the country and that is a must as of now that is going to be needed for the companies to operate in the country of Taiwan.
Taiwan looks to have proper reviews of listing and delisting of digital assets on a very frequent basis that is going to be something that will be implemented along with the draft laws that they are planning because it is something that will be keeping a cheque on the activities about the coins or the acid that a particular exchange is giving their services towards customers as well as all so checking the treasury amount and the balances which may be very crucial in a case of scams or a breakdown.
All in all, it seems Taiwan is very much interested right now to be getting themselves a regulation about cryptocurrencies and digital assets because of this they are planning to release a draft set of losses that are going to be specially made for Digital assets like Cryptocurrencies as well as the businesses that are involved in the sector which is a clear indication that they are going to have some plans as well of regulating the market as well as implementing some of their ideas in the upcoming years or so because it is going to act as a fundamental Foundation for the plans that they are having to implement
Find me on :
3Speak
LeoFinance
DTube
Instagram
Twitter
Cheers!
Sayu