Taiwan Legislative Council member Zhang Yongchang aims to present a draft of a cryptocurrency-specific law by the end of November, highlighting the need for distinct legislation due to the unique nature of cryptocurrencies compared to traditional financial products. This proposed law would require all cryptocurrency platforms operating in Taiwan to obtain prior permission and would grant authorities the ability to order suspensions in cases of violations. The Financial Supervisory Commission (FSC) may also propose its own cryptocurrency-specific law, possibly by mid-next year. 🇹🇼💱 #Taiwan #Cryptocurrency #CryptoRegulation #Legislation

South Korea's National Assembly has successfully passed the Virtual Asset User Protection Act, paving the way for a solid legal foundation for virtual assets. This groundbreaking legislation, comprised of 19 lawmaker proposals, defines digital assets and establishes penalties for unfair transactions. Excitingly, it will go into effect next year, bringing increased security measures such as segregated user assets, insurance, cold wallet reserves, and transaction records. A major leap forward for the virtual asset ecosystem! 🚀 #VirtualAssets #SouthKorea #Legislation

🏛️ Bitcoin’s Big Break: Senator Lummis’s Strategic Proposal! 🇺🇸
Senator Cynthia Lummis is advocating for Bitcoin to be a U.S. strategic reserve asset! 📜 This groundbreaking proposal could change Bitcoin’s role in the financial world. What does this mean for Bitcoin’s future? Follow for breaking news and in-depth analysis on this major development! 👀 #Bitcoin #Legislation #CryptoNews

🌐 Legislative Shockwave: Bitcoin’s Strategic Asset Proposal! 🔍
Senator Lummis’s proposal to make Bitcoin a U.S. strategic asset is causing a stir! 🇺🇸 How might this shift influence Bitcoin’s role in the financial system? Follow for the latest updates and insights on this groundbreaking legislative move! 🧐 #Bitcoin #Legislation #CryptoFutur

MicroStrategy co-founder Michael Saylor took to social media to celebrate the Senate's recent victory for the cryptocurrency industry. "Wall Street wants Bitcoin, the House wants Bitcoin, and now the Senate wants Bitcoin," he posted on X. On Thursday, the Senate voted 60 to 38 to nullify the SEC's controversial SAB 121 rule, which required banks to record crypto assets as liabilities. Senate Majority Leader Chuck Schumer and several Democrats joined Republicans in the vote. The Digital Chamber and Compound Labs' Robert Leshner hailed this as a significant legislative win for crypto. Critics like Austin Campbell argued that SAB 121 would have unfairly restricted banks from offering custodial services for digital assets.

#Bitcoin #Cryptocurrency #Legislation #MichaelSaylor #SEC #CryptoRegulation