The Financial Supervisory Commission pushes the draft of the "Virtual Asset Service Act"! It will be sent to the Executive Yuan by the end of June at the earliest, and lending services will be included in the special law for the first time.
Taiwan's virtual asset regulation is entering a new phase. The Financial Supervisory Commission recently announced the draft of the "Virtual Asset Service Act" and plans to submit it for review by the Executive Yuan by the end of June this year at the earliest. To gather public opinion and industry voices, the Financial Supervisory Commission is expected to hold more than 22 public hearings. The new regulations are not only related to market order and investor rights but also become a key turning point for local operators' future development and international competitiveness.
The draft is entering the final stage, and the Financial Supervisory Commission plans to hold 22 public hearings.
During an interview on April 30, the chairman of the Financial Supervisory Commission, Peng Jinlong, pointed out that the draft of the "Virtual Asset Service Act" is entering the final revision stage and is expected to be submitted to the Executive Yuan by the end of June. In order to fully gather suggestions from all sectors of society, the Financial Supervisory Commission will hold at least 22 public hearings, aiming to create a legal framework that balances innovation and risk management.
The industry hopes for tiered management to open up more diverse virtual asset products.
Most industry players suggested at the public hearing that the regulatory system should adopt the principles of "gradual implementation" and "tiered management," applying different levels of regulatory intensity based on the size of the business and the associated risks. They also urged the government to moderately open up the domestic market for operators to engage in more diverse products such as ETFs and perpetual contracts, in order to avoid being outpaced by foreign platforms and creating competitive disadvantages for local operators.
VASP Association proposes three recommendations: tiered regulation, extension of the transition period, and learning from Hong Kong's experience.
The Virtual Currency Business Association of the Republic of China (VASP Association) pointed out that the "Virtual Asset Service Act" should refer to the "Regulations Governing the Management of Electronic Payment Institutions," distinguishing supervisory intensity based on the amount of assets under custody and the level of business risk. For example, a licensing system should be applied to large operators, while small and low-risk ones should maintain a registration system. At the same time, it is suggested to extend the current draft's six-month transition period to one year, in line with Hong Kong's experience in combating terrorism financing, to provide operators with more ample adjustment time.
HOYA BIT calls for clear listing and delisting standards, and an auditing system for stablecoins is essential.
The founder of HOYA BIT, Peng Yunxian, stated that the government should establish a clear and gradual review standard and process for the listing and delisting of virtual assets, which would help stabilize the market and enhance transparency. She also suggested setting up early warning mechanisms and buffer periods to reduce market volatility caused by asset delisting. Regarding stablecoins, Peng Yunxian emphasized that issuers should be required to have sufficient reserves and to publish regular audit reports to ensure asset convertibility and safety.
MaiCoin suggests incorporating more financial innovative products.
The local large virtual asset platform MaiCoin Group suggests that future regulations should include more promising virtual asset businesses, such as cryptocurrency ETFs, perpetual contracts, and dual currency options, to encourage innovative development while avoiding foreign platforms from monopolizing emerging business opportunities, thus widening the competitive gap.
Law professor Yang Yueping: The draft has a flexible prototype, and the details should be left to the sub-law norms
Regarding the content of the draft, Yang Yueping, associate professor at the School of Law, National Taiwan University, pointed out that although the draft does not list clear implementation details at this stage, there is a prototype of the structure of hierarchical management. If the provisions of the main law are too detailed, future amendments may face difficulties, so the detailed provisions should be supplemented and adjusted through future sub-laws, regulatory orders or administrative rules.
The lending business first adopts a specialized law, marking a breakthrough in the international rare system.
Yang Yueping further explained that the draft formally includes "virtual asset lending business" into the regulation for the first time, which is an important breakthrough compared with the current registration system. The model is that investors lend stablecoins to companies, and the industry provides interest compensation. This type of business is still one of the few regulated areas in the world, and if Taiwan can lead the way, it will help enhance market trust and regulatory competitiveness.
The new law will be implemented in two years at the earliest, and there is still room for reform.
Although the draft is about to be completed and submitted for review, the academic community generally estimates that even if the legislative third reading is completed this year, it will take at least two to three years for it to officially come into effect. This period will be a golden opportunity for the government and the industry to work together to adjust, experiment, and improve the regulatory model. Whether future regulations can protect investors' rights while allowing room for industry innovation will be the key to measuring the success or failure of the new law.
This article The FSC pushes the draft of the Virtual Asset Services Law! As soon as the end of June, it was sent to the Executive Yuan, and the first special law on lending business first appeared in Chain News ABMedia.
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The Financial Supervisory Commission pushes the draft of the "Virtual Asset Service Act"! It will be sent to the Executive Yuan by the end of June at the earliest, and lending services will be included in the special law for the first time.
Taiwan's virtual asset regulation is entering a new phase. The Financial Supervisory Commission recently announced the draft of the "Virtual Asset Service Act" and plans to submit it for review by the Executive Yuan by the end of June this year at the earliest. To gather public opinion and industry voices, the Financial Supervisory Commission is expected to hold more than 22 public hearings. The new regulations are not only related to market order and investor rights but also become a key turning point for local operators' future development and international competitiveness.
The draft is entering the final stage, and the Financial Supervisory Commission plans to hold 22 public hearings.
During an interview on April 30, the chairman of the Financial Supervisory Commission, Peng Jinlong, pointed out that the draft of the "Virtual Asset Service Act" is entering the final revision stage and is expected to be submitted to the Executive Yuan by the end of June. In order to fully gather suggestions from all sectors of society, the Financial Supervisory Commission will hold at least 22 public hearings, aiming to create a legal framework that balances innovation and risk management.
The industry hopes for tiered management to open up more diverse virtual asset products.
Most industry players suggested at the public hearing that the regulatory system should adopt the principles of "gradual implementation" and "tiered management," applying different levels of regulatory intensity based on the size of the business and the associated risks. They also urged the government to moderately open up the domestic market for operators to engage in more diverse products such as ETFs and perpetual contracts, in order to avoid being outpaced by foreign platforms and creating competitive disadvantages for local operators.
VASP Association proposes three recommendations: tiered regulation, extension of the transition period, and learning from Hong Kong's experience.
The Virtual Currency Business Association of the Republic of China (VASP Association) pointed out that the "Virtual Asset Service Act" should refer to the "Regulations Governing the Management of Electronic Payment Institutions," distinguishing supervisory intensity based on the amount of assets under custody and the level of business risk. For example, a licensing system should be applied to large operators, while small and low-risk ones should maintain a registration system. At the same time, it is suggested to extend the current draft's six-month transition period to one year, in line with Hong Kong's experience in combating terrorism financing, to provide operators with more ample adjustment time.
HOYA BIT calls for clear listing and delisting standards, and an auditing system for stablecoins is essential.
The founder of HOYA BIT, Peng Yunxian, stated that the government should establish a clear and gradual review standard and process for the listing and delisting of virtual assets, which would help stabilize the market and enhance transparency. She also suggested setting up early warning mechanisms and buffer periods to reduce market volatility caused by asset delisting. Regarding stablecoins, Peng Yunxian emphasized that issuers should be required to have sufficient reserves and to publish regular audit reports to ensure asset convertibility and safety.
MaiCoin suggests incorporating more financial innovative products.
The local large virtual asset platform MaiCoin Group suggests that future regulations should include more promising virtual asset businesses, such as cryptocurrency ETFs, perpetual contracts, and dual currency options, to encourage innovative development while avoiding foreign platforms from monopolizing emerging business opportunities, thus widening the competitive gap.
Law professor Yang Yueping: The draft has a flexible prototype, and the details should be left to the sub-law norms
Regarding the content of the draft, Yang Yueping, associate professor at the School of Law, National Taiwan University, pointed out that although the draft does not list clear implementation details at this stage, there is a prototype of the structure of hierarchical management. If the provisions of the main law are too detailed, future amendments may face difficulties, so the detailed provisions should be supplemented and adjusted through future sub-laws, regulatory orders or administrative rules.
The lending business first adopts a specialized law, marking a breakthrough in the international rare system.
Yang Yueping further explained that the draft formally includes "virtual asset lending business" into the regulation for the first time, which is an important breakthrough compared with the current registration system. The model is that investors lend stablecoins to companies, and the industry provides interest compensation. This type of business is still one of the few regulated areas in the world, and if Taiwan can lead the way, it will help enhance market trust and regulatory competitiveness.
The new law will be implemented in two years at the earliest, and there is still room for reform.
Although the draft is about to be completed and submitted for review, the academic community generally estimates that even if the legislative third reading is completed this year, it will take at least two to three years for it to officially come into effect. This period will be a golden opportunity for the government and the industry to work together to adjust, experiment, and improve the regulatory model. Whether future regulations can protect investors' rights while allowing room for industry innovation will be the key to measuring the success or failure of the new law.
This article The FSC pushes the draft of the Virtual Asset Services Law! As soon as the end of June, it was sent to the Executive Yuan, and the first special law on lending business first appeared in Chain News ABMedia.