Taiwan's Financial Supervisory Commission To Gradually Regulate Virtual Assets And Trading Businesses

According to Foresight News, Taiwan's Financial Supervisory Commission (FSC) is planning to gradually regulate virtual assets and trading businesses (VASP) in four stages. The chairman of the FSC, Peng Jinlong, stated that a self-regulatory organization for VASP will be established on June 13. This organization will develop self-disciplinary rules and penalties to strengthen self-discipline. It is expected that by the end of December this year, a draft of the special law for virtual asset management will be proposed. Subsequently, regulatory announcements and public hearings will be held, and the draft of the special law will be submitted to the legislature before June next year. The FSC has been designated by the Executive Yuan as the competent authority for virtual assets with financial investment or payment characteristics. Therefore, it has taken the initiative to regulate important parts. The future direction of the special law will mainly focus on safety and consumer protection, while also paying attention to market development. According to another report by China Times, the FSC pointed out that the regulation of the virtual asset industry will be divided into four stages, and it has currently reached the third stage.