The fraud factor:
The government takes action to help the private sector organize an association of the virtual asset industry in order to promote self-regulation, he said
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By Jonathan Chin / Writer-Writer, with CNA
The financial supervision commission (FSC) yesterday presented a bill which would punish illegal activities linked to cryptocurrencies to steep sanctions ranging from fines to prison terms.
The Government writes a bill to prevent the use of virtual assets in fraud, market manipulation, money laundering and terrorism, the FSC said in a report to the legislative yuan.
The bill defines “stablescoins” as a class of tokens linked to one or more legal currencies created to maintain value while establishing legal mechanisms to regulate their use, said the Commission.
Photo: Tien yu-hua, taipei Times
Illegal activities that use virtual assets would be a crime liable to three to 10 years in prison, and a fine of $ 10 million to $ 200 million NT (US $ 337,154 to US $ 6.74 million), he said.
The government takes action to help the private sector organize an association of the virtual asset industry in order to promote self-regulation, he said, adding that it would also implement a license system for merchants, platforms, yielding, guards and subscribers.
The bill would provide an architecture to adapt to new forms of financial transactions revolving around virtual currencies, said Vice-President of the FSC, Chen Yen-Liang (陳彥良), to the finance committee.
The commission’s approach uses childcare dogs and self -regulation managed by the government to improve confidence, which is necessary for prosperity in industry, said Chen.
The Commission held around twenty conferences to request public opinion on the bill and plans to unveil the project to the legislators before the end of this month, he said.
The meeting of yesterday at the Yuan Legislative was opened to the public as part of a policy aimed at ensuring that companies have the possibility of studying government policy and advising civil servants on issues concerning virtual assets, said Progressive Democratic Legislator Lai Hui-Yuan (賴惠員).
