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

On June 12, Peng Jinlong, chairperson of the "Financial Management Council" in Taiwan, China, said that the virtual assets and trading business (VASP) will be gradually regulated in four stages. The VASP Association will be established tomorrow (June 13). The follow-up will formulate self-discipline norms and add potential penalties to strengthen self-discipline. It is expected that before the end of December this year, the draft provisions of the virtual asset management special law will be studied and proposed, and the follow-up regulations will be notified and a public hearing will be held. The draft special law will be submitted to the hospital before June next year.