Kuomintang legislator Ke Ju-jun questioned Financial Supervisory Commission (FSC) Chairperson Thomas Huang during a meeting of the Finance Committee today, inquiring about the establishment of the Virtual Asset and Trading Business Association (VASP) tomorrow. The FSC has requested VASP to establish self-regulatory standards, and these standards also need to be approved by the FSC. Given this, why not give more time to verify the feasibility of these self-regulatory standards, instead of rushing to promote special laws for regulation?
In response, Thomas Huang stated that the “Virtual Asset Act” belongs to the fourth phase of the FSC’s regulation of virtual assets, and according to the established schedule, it will not be submitted to the legislature for review until at least the first half of next year. The process will then require further review by the legislature before legislation is confirmed, which will take a long time. However, the government cannot afford to pause its efforts in combating fraud during this period. Therefore, the FSC’s current approach is to temporarily regulate using the second amendment to the Anti-Money Laundering Act, while urging the industry to swiftly implement self-regulatory standards to fill this gap through various means.
Ke Ju-jun emphasized at the end of the questioning that virtual assets, as an emerging technology, have great development potential. The government should encourage and support the industry’s development instead of solely focusing on regulation. I have seen your spirit on this, and I support it. Please give self-regulatory organizations and standards more time and space.
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