Legislators in Taiwan have proposed a draft law on virtual assets that includes 12 items

ChainCatcher news, according to BlockTempo, Taiwan legislator Jiang Yongchang held a press conference yesterday, announcing that he will propose the first special law on virtual assets in Taiwan during this legislative session.

The drafted bill includes 12 items, including:

1. Virtual asset industry as a licensed industry, subject to tiered management;

2. Virtual asset operators must join a guild and comply with the guild's self-regulatory norms;

3. Virtual asset operators may issue virtual assets themselves or on behalf of others;

4. Virtual asset operators may operate products, services, and financial products derived from virtual assets;

5. Virtual asset operators must establish review procedures for listing and delisting virtual assets and trading rules;

6. Regulations on the separation of virtual asset operators' and clients' assets;

7. Regulations on contracts and advertising marketing between virtual asset operators and clients;

8. Cybersecurity standards for virtual asset operators;

9. Regulations on anti-money laundering and internal control systems for virtual asset operators;

10. Virtual asset operators must comply with financial supervision by competent authorities and cooperate with inspections by competent authorities;

11. Establish a virtual asset fund to ensure the protection of client rights;

12. Prohibition of improper trading practices in virtual assets.