Lawmakers in Taiwan are reportedly aiming to push out a first draft of a special law by the end of November 2023, according to a report from the Block.
Yung-Chang Chiang, an official in the Legislative Yuan of Taiwan, said in an interview that he intends for the first draft to be available for reading by parliament by the end of November or sooner and that such an act is “necessary” to regulate crypto-related businesses.
This comes as lawmakers in Taiwan have growing concerns over activity in offshore markets and seek to avoid “regulatory arbitrage.” Chiang says crypto assets differ from traditional financial products and need to be governed via a special law.
On Oct. 6 he held a public hearing in the Taiwanese parliament including digital asset service providers, academics and others in the industry which discussed the draft proposal.
This follows guidelines released on Sept. 26 by Taiwan’s Financial Supervisory Commission (FSC) which moved to improve cryptocurrency investor protections.
The guidelines included rules blanketing the industry including separating assets in exchanges’ treasury from those of the customer, along with mechanisms for reviewing the listing and delisting of digital assets.
Additionally, the rules state that foreign virtual asset service providers cannot provide services in Taiwan without the necessary approvals from local regulatory authorities.
On the same day, major cryptocurrency exchanges operating in Taiwan formed an association to advance industry interests.
Coinbase, Kraken, Ripple, a16z and others pressed the Senate to add explicit protections for developers and non-custodial services in the market structure bill.
Reform’s plan was meant to be detailed. Instead, there’s more confusion.
The party had grown weary of the longstanding criticism that their tough talk on immigration did not come with a full proposal for what they would do to tackle small boats if they came to power.
So, after six months of planning, yesterday they attempted to put flesh on to the bones of their flagship policy.
At an expensive press conference in a vast airhanger in Oxford, the headline news was clear: Reform UK would deport anyone who comes here by small boat, arresting, detaining and then deporting up to 600,000 people in the first five years of governing.
They would leave international treaties and repeal the Human Rights Act to do it
But, one day later, that policy is clear as mud when it comes to who this would apply to.
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Image: Nigel Farage launched an airport-style departures board to illustrate how many illegal migrants have arrived in the UK. Pic: PA
I asked Farage at the time of the announcement whether this would apply to women and girls – an important question – as the basis for their extreme policy seemed to hinge on the safety of women and girls in the UK.
He was unequivocal: “Yes, women and children, everybody on arrival will be detained.
“And I’ve accepted already that how we deal with children is a much more complicated and difficult issue.”
But a day later, he appeared to row back on this stance at a press conference in Scotland, saying Reform is “not even discussing women and children at this stage”.
He later clarified that if a single woman came by boat, then they could fall under the policy, but if “a woman comes with children, we will work out the best thing to do”.
A third clarification in the space of 24 hours on a flagship policy they worked on over six months seems like a pretty big gaffe, and it only feeds into the Labour criticism that these plans aren’t yet credible.
If they had hoped to pivot from rhetoric to rigour, this announcement showed serious pitfalls.
But party strategists probably will not be tearing out too much hair over this, with polling showing Reform UK still as the most trusted party on the issue of immigration overall.
The “White Whale” increased his social media pressure campaign to $2.5 million after claiming that MEXC requested an in-person KYC verification in Malaysia.