This Asian country wants to launch the crypto sector this year

Taiwan, the island nation off the coast of China, is a world leader in the production of computer chips. Now, the Asian country also wants to take steps to conquer the crypto sector. Taiwan’s Ministry of Economy has presented a proposal to create a legal framework for crypto.

Self-regulation for Taiwan’s crypto sector?

As part of this proposal, the ministry created a special category for the crypto sector. The purpose of this particular category is for crypto companies to work together. Ideally, an “organized crypto environment” would emerge in Taiwan. The goal here is a self-regulating sector.

With this self-regulation, Taiwan hopes to accelerate the growth of the local crypto sector. It is also intended that the industry will be given more responsibility. Taiwan is considered an expert in the digital industry. Based on this, the country appears to be an ideal location for the crypto industry.

The plans are currently in the early stages. The ministry hopes to take the next steps in October. The proposal does not mean that Taiwan does not yet have crypto laws. Several anti-money laundering laws have been in place since 2021, but there is still no clear legal framework for the crypto industry.

In Hong Kong’s crypto footsteps

With these plans, Taiwan is following in Hong Kong’s footsteps. The Chinese city-state announced its ambition to become a crypto hub earlier this year and has been working hard on it ever since. A clear legal framework has already been put in place and the doors for the global crypto sector are now wide open. Dozens of crypto companies have already moved to Hong Kong.

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It remains to be seen whether this will also happen in Taiwan. Tensions between Taiwan and China have increased in recent years. China still claims that Taiwan belongs to China.

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