The Financial Supervisory Commission (FSC) yesterday previewed a bill that would punish illegal activities linked to cryptocurrencies with steep penalties ranging from fines to prison sentences.
The government is drafting 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 draft act defines “stablecoins” as a class of tokens linked to one or more legal currencies created to keep value while establishing legal mechanisms to regulate their use, the commission said.
Photo: Tien Yu-hua, Taipei Times
Illegal activities that make use of virtual assets would be a crime punishable by three to 10 years in prison, and a fine of NT$10 million to NT$200 million (US$337,154 to US$6.74 million), it said.
The government is taking steps to help the private sector organize a virtual assets industry association to promote self-regulation, it said, adding that it would also implement a licensing scheme for traders, platforms, transferors, custodians and underwriters.
The draft act would provide architecture to accommodate new forms of financial transactions revolving around virtual currencies, FSC Deputy Chairman Chen Yen-liang (陳彥良) told the Finance Committee.
The commission’s approach utilizes government-run watchdogs and self-regulation by the private sector to enhance trust, which is necessary for prosperity in the industry, Chen said.
The commission has held about 20 conferences to solicit public opinion on the bill and expects to unveil the draft to lawmakers before the end of this month, he said.
Yesterday’s meeting at the Legislative Yuan was open to the public as part of a policy to ensure that businesses have opportunities to study the government’s policy and advise officials on matters concerning virtual assets, Democratic Progressive Party Legislator Lai Hui-yuan (賴惠員) said.
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