Taiwan's Financial Authorities Advance Virtual Asset Regulation

Taiwan's Financial Authorities Advance Virtual Asset Regulation

Taiwan's Financial Authorities Progress Virtual Asset Regulation Taiwan's Financial Supervisory Commission (FSC) is moving forward with plans to establish a comprehensive regulatory framework for virtual assets. The FSC chairman, Huang Tien-mu, recently announced that the Special Act on Virtual Asset Management is expected to be completed within the year. Phased Implementation of VASP Regulations The VASP (Virtual Asset Service Provider) Association will be launched on October 13th, marking the start of a four-stage implementation process: 1. Implementation of anti-money laundering and counter-terrorism financing measures. 2. Establishment of self-regulatory and business standards through the VASP Association. 3. Implementation of a VASP registration system under the Anti-Money Laundering Act. 4. Enactment of the Special Act on Virtual Asset Management. Penalties for Unregistered Operators To ensure compliance, the FSC plans to impose severe penalties on unregistered virtual asset operators, including imprisonment for up to two years and fines of up to 5 million Taiwan dollars. These regulatory measures aim to protect investors, combat financial crime, and promote the responsible development of Taiwan's virtual asset market.