According to Foresight News, Peng Jinlong, chairman of the Taiwan Financial Supervisory Commission, said that virtual assets and trading businesses (VASPs) will be gradually brought under supervision in four stages. The VASP industry association will be established tomorrow (June 13), and self-regulatory norms will be formulated and penalties will be added to strengthen self-discipline. It is expected that by the end of December this year, a draft of the special law on virtual asset management will be proposed, and the regulations will be announced and public hearings will be held. The draft special law will be submitted to the Yuan before June next year. The Taiwan Financial Supervisory Commission has been designated by the Executive Yuan as the competent authority for virtual assets with financial investment or payment nature, so it has taken the lead in bringing important parts under supervision. The future special law will focus on safety and consumer protection, while also paying attention to market development. According to China Times News, the virtual asset industry will be regulated in four stages, and the third stage has been reached.