The Taiwan Financial Supervisory Commission officially released the "Guidelines for the Management of Virtual Asset Service Providers (VASP)"

ChainCatcher news, the Financial Supervisory Commission of Taiwan has officially released the "Guidelines for the Management of Virtual Asset Platforms and Trading Business (VASP)", which strengthen the protection of customers by platforms in aspects such as transparency of trading information, custody of customer assets, internal control management of platform operators, and assistance from external experts.

Key points are summarized as follows:

1. Management of virtual asset issuance: If virtual assets are issued through the platform, the issuer should announce the prepared white paper on its website (and is required to disclose certain content at a minimum), and the platform should announce the link to that website.
2. Review mechanism for listing and delisting virtual assets: Standards and procedures for reviewing the content of the virtual asset white paper and for listing and delisting should be established and incorporated into the internal control system.
3. Separation of platform assets and customer assets: The platform should separate the custody of customer legal currency or virtual assets received for virtual asset trading and payment collection from its own aforementioned assets.
4. Fairness and transparency of transactions: The platform should establish and announce trading rules for virtual assets and should create mechanisms to ensure fair market transactions.
5. Contract formulation, advertising solicitation, and complaint handling: The platform should implement customer protection regulations based on the principles of fairness, reasonableness, mutual benefit, and integrity.
6. Management mechanisms for operational systems, information security, and hot/cold wallets: The platform should establish management systems for its continuous operation, information security, and the private keys of hot and cold wallets.
7. Information disclosure: Regarding the aforementioned virtual asset issuance and product listing and delisting, asset separation custody, trading information and rules, and customer protection, the platform should fully disclose information.
8. Internal control and institutional audits: The platform should establish mechanisms such as internal control and internal audit systems, and ensure that its operations are independent and objective, and agree to accept on-site audits by the Financial Supervisory Commission or entrusted institutions.
9. Individual cryptocurrency dealers: Natural persons engaged in virtual asset business who declare compliance with anti-money laundering regulations to the Financial Supervisory Commission must ensure that the content and quality of their declaration are equivalent to that of a legal entity.
10. Foreign cryptocurrency dealers: Foreign virtual asset platform operators who have not registered in accordance with company law and have not completed the declaration of compliance with anti-money laundering regulations to the Financial Supervisory Commission are not allowed to solicit business within our country or from our citizens.