ChainCatcher news, according to Juheng.com, Taiwan Financial Supervisory Commission Chairman Peng Jinlong said that virtual assets and trading businesses (VASP) 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-regulation. It is expected that before the end of December this year, a draft of the special law on virtual asset management will be proposed, and the regulations will be notified and public hearings will be held. The draft special law will be submitted to the court before June next year.
The 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 regulating important parts. The future special law will focus on safety and consumer protection, while also paying attention to market development.
According to China Times News, the Taiwan Financial Supervisory Commission pointed out that the regulation of the virtual asset industry will be divided into four stages, and is currently in the third stage.
