tl;dr
Taiwan and South Korea are both making strides toward embracing spot Bitcoin exchange-traded funds (ETFs) and implementing new digital asset regulations. Taiwan is actively working on a study, and South Korea is in crucial discussions. Taiwan has also taken actions against fraud and money launderin...
Taiwan and South Korea are both making strides toward embracing spot Bitcoin exchange-traded funds (ETFs) and implementing new digital asset regulations. Taiwan is actively working on a study, and South Korea is in crucial discussions. Taiwan has also taken actions against fraud and money laundering in the cryptocurrency space, and the Virtual Asset Management Bill has been introduced to Taiwan's parliament to protect customers and supervise the industry. Both countries are focused on creating a secure and transparent digital finance environment.
The Asian country Taiwan is making strides toward embracing spot Bitcoin exchange-traded funds (ETFs). Taiwan's Financial Supervisory Commission (FSC) plans to unveil new digital asset regulations in September 2024. This initiative aims to enhance the regulatory framework and protect investors, as FSC chairman Huang Tien-mu informed on March 4.
HOW TAIWAN IS WORKING TO INTEGRATE SPOT BITCOIN ETF: The Taiwan Chamber of Commerce is set to release a study on the spot Bitcoin ETFs in April, showcasing the nation’s proactive approach. Gao Jingping, deputy director of the Warranty Bureau, underscored the significance of this study for Taiwan’s financial markets. Simultaneously, another Asian country – South Korea, is entering crucial discussions on the potential approval of spot Bitcoin ETFs. The Financial Supervisory Service (FSS) has scheduled talks between its governor, Lee Bok-hyun, and the US Securities and Exchange Commission (SEC) chief Gary Gensler. These discussions, focusing on virtual asset regulations, highlight South Korea’s interest in digital assets. However, the Financial Services Commission (FSC) of South Korea also advises caution, reflecting a balanced stance towards innovation and compliance.
Taiwan’s commitment to a secure digital asset marketplace extends to actions against fraud. The FSC’s efforts have led to the dismantling a major money laundering network in 2023. The authorities also arrested individuals involved in high-profile cryptocurrency scams. These actions demonstrate Taiwan’s resolve to ensure a transparent and safe digital finance environment. The Virtual Asset Management Bill, introduced to Taiwan’s parliament, marks a significant step toward comprehensive digital asset regulation. It aims to protect customers and supervise the industry, with strict penalties for non-compliance. Taiwan’s regulation also restricts foreign virtual asset service providers (VASPs) and high-risk activities like derivatives trading and the use of stablecoins, showcasing a thorough risk mitigation strategy.
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