Reported about 1 year ago
The Financial Supervisory Commission (FSC) of Taiwan has announced that the country's first virtual asset management law will be established by the end of this year. The FSC revealed key supervisory points of the law including licensing conditions, consumer protection, capital requirements, asset custody, market transaction regulations, and business development. The FSC aims to promote the healthy development of financial technology and Virtual Asset Service Providers (VASP) industry, acknowledging the potential of virtual assets for Taiwan's international competitiveness. The FSC's proactive measures to regulate VASPs come in response to global concerns about money laundering, fraud, and investment issues, aligning Taiwan with international standards and recommendations.
Source: YAHOO