In a burst of regulatory fervor, Taiwan’s Financial Supervisory Commission has deigned to grace the world of virtual assets with its latest brainchild—the “Virtual Asset Service Act.” A masterpiece of clarity, it promises to turn the crypto Wild West into a well-groomed garden of investor delights.
Mark the date, March 25, when the FSC, with a flourish of the regulatory pen, outlined the draft that would make even the most jaded of virtual asset moguls sit up and beg for licensing. Stablecoins, oh stablecoins, you shall be pegged to the New Taiwan Dollar, but only if you play by the FSC’s rules. Inspection and penalty time has arrived, and it’s no child’s play!
Enter the VASPs, the virtuous knights of virtual assets, who must now don the armor of organizational structure, capital, and personnel qualifications. Banks, too, can join the stablecoin party, but only with the FSC’s nod and a dance to the tune of specified criteria. The FSC, ever the watchful guardian, is armed with the power to ensure that market integrity is not just a buzzword.
But wait, there’s more! The FSC, in its benevolent wisdom, has opened the gates for a 60-day public consultation. Stakeholders, grab your pens and paper, for your feedback is sought. The final law, a beacon of regulatory hope, is set to be presented to the Executive Yuan by June 30. Pray, let no delay befall this noble endeavor.
Since October 2024, Taiwan has been on a quest to slay the dragon of regulatory ambiguity. The FSC, with its updated Anti-Money Laundering measures, has declared: “Register, VASPs, or face the wrath of penalties!” And so, the regulations shall reign from Jan. 1, with an annual risk assessment report as the cherry on top. March, the month of submitting, shall be a time of reckoning.
In its boundless enthusiasm, the FSC has not only clarified the crypto sector but has also been the fairy godmother to institutional crypto adoption. Crypto custody services and foreign crypto ETFs for professional investors have been sprinkled with the magic of approval. Let the institutional ball begin!
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2025-03-26 16:20