Taiwan plans to gradually bring virtual assets and VASPs under regulation in four stages

Peng Junlong, Chairman of the Financial Supervisory Commission of Taiwan, stated that virtual asset and transaction service providers (VASPs) will be gradually included in regulation in four phases. The VASP industry association will be established tomorrow (June 13th), and subsequently self-regulatory norms will be formulated and penalties will be added to strengthen self-discipline. It is expected that by the end of this year, a draft of the special law on virtual asset management will be proposed, and subsequent regulatory previews and public hearings will be held. The draft of the special law will be submitted to the legislature before June next year.