The bill sets the groundwork for defining a virtual asset and how exchanges should operate in the country.
The Virtual Asset Management Ordinance Draft bill seeks to define virtual assets, set operational standards for asset operators, ensure customer protection and mandate membership in industry associations and regulatory permissions.
Unlike crypto rules in neighboring Hong Kong, the bill doesn't take a strong position on derivatives or stablecoins. It does, however, acknowledge that derivatives linked to virtual assets have unique characteristics that may not fully align with traditional financial regulations, opening the door to crypto derivative-specific regulation in a later draft.for locally licensed exchanges, the draft bill only requires the separation of customer assets from business funds.
While this draft of the bill doesn't mention Proof of Reserves specifically, it does say the regulator will set standards for asset ratios after consulting with the industry and expects licensed exchanges to adhere to them.
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