Fun

News Feed - 2023-10-27 05:10:22

David Attlee3 minutes agoTaiwan introduces crypto bill to ParliamentThe Virtual Asset Management Bill aims to provide “better protection” for the customers and “properly supervise” the industry.8 Total viewsListen to article 0:00NewsJoin us on social networksOn Oct. 25, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament, the Legislative Yuan. The bill aims to provide “better protection” for the customers and “properly supervise” the industry. 


The 30-page bill appears moderate in its demands for the industry. It suggests some common sense obligations for the virtual asset service providers (VASPs), such as separating customer funds from the company’s reserve funds, establishing an internal control and audit system, and joining the local trade association.


However, at this point, it doesn’t require stablecoin issuers to hold a 1:1 ratio of reserve funds, and it doesn"t mention algorithmic stablecoins. As to marketing activities, the rules for advertising are to be determined by the “competent authority.”


The bill suggests fines for VASPs operating without a license — no less than two million Taiwanese dollars (around $60,000) and no more than twenty million ($600,000). The companies already operating in the Taiwan market will get six months to obtain a license after the bill comes into force.


Related:Circle launches ‘points-to-crypto’ program with Taiwan convenience store chain


In September 2023, Taiwan’s Financial Supervisory Commission (FSC) also released industry guidelines for VASPs. The FSC prohibits foreign VASPs from providing their services in Taiwan without obtaining necessary approvals from the regulator.


The rules were created as major cryptocurrency exchanges in Taiwan have formed a self-regulatory association. On September 26, local exchanges like Maicoin, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito joined forces to create the Taiwan Virtual Asset Platform and Transaction Business Association. They aim to support the crypto industry and work with regulators.


Magazine:Ethereum restaking. Blockchain innovation or dangerous house of cards?# Taiwan# RegulationAdd reactionAdd reactionRead moreWill Sam Bankman-Fried fix his case when he takes the stand?How Google’s AI legal protections can change art and copyright protectionsSEC continues to delay decisions on crypto ETFs: Law Decoded

News Feed

Crypto Analyst Predicts 37% Upshoot For Dogecoin Price, Points Out Support Levels
Este artículo también está disponible en español. Crypto analyst MadWhale has provided a bullish outlook for the Dogecoin price. The analyst predicted that the foremost m
Bitcoin Miners Catch a Second Break With Another Downward Difficulty Adjustment
Bitcoin Miners Catch a Second Break With Another Downward Difficulty Adjustment Five days ago, Bitcoin’s hashrate had shown improvement as it increased 15% over the course o
Stablecoin Market Capitalization Nears $200 Billion — Bitcoin Price To Resume Rally?
Este artículo también está disponible en español. The latest on-chain data shows that the stablecoin market is nearing a new milestone in terms of valuation. Here’s
BTC price dip hits 17.5% as week’s Bitcoin ETF net outflows near $500M
William Suberg2 hours agoBTC price dip hits 17.5% as week’s Bitcoin ETF net outflows near $500MBitcoin bulls brace for macro turbulence with the BTC price correction passing $12,000 versus recent all-time highs.3155 To
Trudeau announces $1.8B package to boost Canada’s AI sector
Brayden Lindrea7 hours agoTrudeau announces $1.8B package to boost Canada’s AI sectorCanada is launching a fund to invest in AI infrastructure, grow startups, and create a new AI safety institute, among others.3801 Tot
US Treasury Secretary Yellen Warns Crypto Is ‘Very Risky’ — Unsuitable for Most Retirement Savers
US Treasury Secretary Yellen Warns Crypto Is "Very Risky" — Unsuitable for Most Retirement Savers U.S. Treasury Secretary Janet Yellen warns crypto is a “very risky invest
Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday
Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report
Indian Parliament Member Clarifies Legal Status of Cryptocurrency
Indian Parliament Member Clarifies Legal Status of Cryptocurrency Cryptocurrency is currently a gray area in India. It is neither legal nor illegal. A parliament member, India
Ethereum price clings to key support amid SEC probe and traders’ shifting sentiment
Marcel Pechman8 hours agoEthereum price clings to key support amid SEC probe and traders’ shifting sentimentOn-chain activity within Ethereum layer-2 protocols and ETH derivatives data suggests that the altcoin will ho
Biden’s $2 Trillion Relief Package the Largest Stimulus Payments to-Date, Plan Showers Money on the Bureaucracy
Biden"s $2 Trillion Relief Package the Largest Stimulus Payments to-Date, Plan Showers Money on the Bureaucracy On Saturday, politicians in the U.S. approved the
Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders
Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders The parent company of Silicon Valley Bank, SVB Financial Group, and two senior exec
Amaka Nwaokocha14 hours agoPolygon 2.0 begins groundwork for decentralized governanceThe expansion will encompass all blockchains and applications running on the Polygon network, democratizing the upgrade process and fos