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The Virtual Asset Management Bill lays the foundation for categorizing virtual assets and outlining the operational guidelines for exchanges within the country. On Oct. 25, legislators in Taiwan introduced a Virtual Asset Management Bill to the Legislative Yuan, the countrys unicameral parliament. The bill aims to offer enhanced customer protection and proper supervision to the burgeoning crypto industry. ???? BREAKING: ???????? Taiwan Makes a HUGE Move in #Crypto Regulation ???? The island nation just passed the first reading of a draft BILL to create a Legal framework for Crypto assets ???? The 30-page legislation takes a balanced approach, aiming to clarify the definition of virtual assets, establish guidelines for asset operators, enhance consumer safeguards, and require participation in industry associations and regulatory approvals. Taiwan has previously adopted a laissez-faire attitude towards the crypto sector, regulating it under existing know-your-customer and anti-money laundering laws. However, the pace of regulation picked up after the collapse of the popular crypto exchange FTX last November. The platform had gained significant traction among Taiwanese users due to its favorable U.S. dollar interest rates compared to local banks. Operational requirements and penalties The new bill diverges from crypto regulations in neighboring Hong Kong by not taking a solid stance on derivatives or stablecoins. It