According to BlockTempo, the Financial Supervisory Commission convened all cryptocurrency trading platforms in Taiwan that had completed the "Anti-Money Laundering Law Statement" in early August to discuss the "Virtual Asset Platform and Trading Business (VASP) Guidelines" to be announced at the end of September. Yesterday, legislator Jiang Yongchang held a press conference at the Legislative Yuan and announced that the first virtual asset law in Taiwan will be proposed during this session. The draft bill includes 12 items:

1. The virtual asset industry is a licensed industry and is subject to hierarchical management;

2. All virtual asset operators should join the association and abide by the association’s self-regulatory rules;

3. Virtual asset operators may issue virtual assets themselves or for others;

4. Virtual asset businesses may operate virtual asset derivative products, services, and virtual asset derivative financial products;

5. Virtual asset operators need to formulate virtual asset delisting and listing review procedures and trading rules;

6. Provisions on the separation of virtual asset operators and customer assets;

7. Regulations on contracts between virtual asset operators and customers and advertising and marketing;

8. Information security regulations for virtual asset operators;

9. Regulations on money laundering prevention, internal audit and internal control systems for virtual asset businesses;

10. The virtual asset industry shall comply with the financial supervision of the competent authority and cooperate with the competent authority’s audits;

11. Establish a virtual asset fund to protect customer rights;

12. Prohibition of unfair trading practices.