According to the Central News Agency, Peng Jinlong, chairman of the Financial Supervisory Commission, announced on Tuesday (16th) that the Financial Supervisory Commission will involve the quasi-traditional financial industry in the development of virtual assets and open banks to handle virtual asset custody services.
Peng Jinlong announced five major strategies to promote financial innovation at a press conference held yesterday. The third strategy is to assist the transformation of traditional finance to explore financial technology development opportunities. He announced that the Financial Supervisory Commission has promised to propose a special law on virtual assets and submit it to the Executive Yuan for review before June next year to help the virtual asset industry develop under a standardized process. On the other hand, the Financial Supervisory Commission will involve the quasi-traditional financial industry in the development of virtual assets. Open banking handles virtual asset custody business.
In June of this year, the Financial Supervisory Commission stated in a written report submitted to the Finance Committee of the Legislative Yuan that the management of Taiwan’s virtual assets will be divided into four phases. It has now entered the third phase, and the fourth phase will promote virtual assets. , to effectively manage market behavior. The Financial Supervisory Commission is expected to develop a draft of the special legal provisions before the end of December this year, and will subsequently conduct legal notices and hold public hearings. It will then make adjustments and revisions based on external opinions, and submit the draft to the court for review by June next year.
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