Legislator Ke JuChun calls on FSC to slow down the legislative process and give more time to VASP unions and selfregulation

Legislator Ke JuChun calls on FSC to slow down the legislative process and give more time to VASP unions and selfregulation

Legislator Ke JuChun calls on FSC to slow down the legislative process and give more time to VASP unions and selfregulation

Kuomintang legislator Ke Ju-chun questioned Financial Supervisory Commission Chairman Thomas Huang during a session of the Finance Committee today, asking about the establishment of the Virtual Asset and Transaction Business Association (VASP) tomorrow. Huang stated that the FSC has already requested VASP to develop self-regulatory norms, which will also require FSC approval. Ke questioned why these self-regulatory norms are not given more time to verify their feasibility before rushing to promote special laws for control.

In response, Thomas Huang stated that the “Virtual Asset Special Act” is the fourth stage of the FSC’s regulation of virtual assets, and according to the established schedule, it will not be reviewed by the Legislative Yuan until the first half of next year at the earliest. During the process of legislation, which requires a long period of time, government efforts to combat fraud cannot be interrupted. Therefore, the FSC’s approach is to temporarily regulate through the second amendment to the Anti-Money Laundering Act, while urging the industry to quickly implement self-regulatory norms to fill this gap through various means.

Ke Ju-chun emphasized at the end of the questioning that virtual assets, as an emerging technology, have great development potential, and the government should encourage and support the industry’s development rather than simply strengthen regulation. I have seen your spirit in this regard, and I support it. Please give more time and space to self-regulatory organizations and norms, FSC.