This Asian Nation Could Be the Next to Green Light Bitcoin ETFs

2024-3-5 12:30

The Asian country Taiwan is making strides toward embracing spot Bitcoin exchange-traded funds (ETFs). Also, Taiwan’s Financial Supervisory Commission (FSC) plans to unveil new digital asset regulations in September 2024.

This initiative aims to enhance the regulatory framework and protect investors, as FSC chairman Huang Tien-mu informed on March 4.

How Taiwan is Working to Integrate Spot Bitcoin ETF

The Taiwan Chamber of Commerce is set to release a study on the spot Bitcoin ETFs in April, showcasing the nation’s proactive approach. Gao Jingping, deputy director of the Warranty Bureau, underscored the significance of this study for Taiwan’s financial markets.

“In addition, concerning actively managed and multi-asset ETFs, the Investment Trusts and Consulting Association’s research report has already been submitted to the Securities and Futures Bureau, and if the industry is actively involved, the first product may be launched in the second half of the year,” Jinping said.

Simultaneously, another Asian country – South Korea, is entering crucial discussions on the potential approval of spot Bitcoin ETFs. The Financial Supervisory Service (FSS) has scheduled talks between its governor, Lee Bok-hyun, and the US Securities and Exchange Commission (SEC) chief Gary Gensler.

These discussions, focusing on virtual asset regulations, highlight South Korea’s interest in digital assets. However, the Financial Services Commission (FSC) of South Korea also advises caution, reflecting a balanced stance towards innovation and compliance.

Read more: What Is a Bitcoin ETF?

Taiwan’s commitment to a secure digital asset marketplace extends to actions against fraud. The FSC’s efforts have led to the dismantling a major money laundering network in 2023. The authorities also arrested individuals involved in high-profile cryptocurrency scams. These actions demonstrate Taiwan’s resolve to ensure a transparent and safe digital finance environment.

The Virtual Asset Management Bill, introduced to Taiwan’s parliament, marks a significant step toward comprehensive digital asset regulation. It aims to protect customers and supervise the industry, with strict penalties for non-compliance.

Taiwan’s regulation also restricts foreign virtual asset service providers (VASPs) and high-risk activities like derivatives trading and the use of stablecoins, showcasing a thorough risk mitigation strategy.

The post This Asian Nation Could Be the Next to Green Light Bitcoin ETFs appeared first on BeInCrypto.

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