Taiwan makes a move on crypto rules.

Taiwan's parliament, the Legislative Yuan, reviewed a new law today about regulating cryptocurrencies.

Yung-Chang Chiang, a parliament member, said, "This bill has moved to the next step. We want more discussions with the Financial Supervisory Commission." Last month, Taiwan announced some rules for crypto businesses. But these rules had no legal power.

Chiang believes a special law will give the power to punish crypto businesses if they don't follow the rules. He said without this law, regulators can't do much.

This proposed law means crypto businesses in Taiwan must get a permit. If they don't, they could be forced to stop operating. The next time they'll review this law is not known, but maybe after January 2024. 

For now, Taiwan has asked crypto services to follow money-laundering rules from 2021. But, most crypto actions are not regulated.