Taiwan will establish the VASP industry association tomorrow, and it is expected to introduce a legislative draft for a virtual asset management law by the end of the year

ChainCatcher news, according to a report by Juheng News, Taiwan's Financial Supervisory Commission Chairman Peng Jinlong stated that virtual assets and trading businesses (VASP) will be gradually incorporated into regulation in four phases. The VASP industry association will be established tomorrow (June 13), and subsequent self-regulatory norms will be formulated along with penalties to strengthen self-discipline. It is expected that by the end of December this year, a draft of the special law for virtual asset management will be proposed, followed by regulatory announcements and public hearings, with the special law draft to be submitted to the legislature by June next year.

The Financial Supervisory Commission has been designated by the "Executive Yuan" as the competent authority for virtual assets that have "financial investment or payment nature," thus initially regulating important aspects. The future special law will focus on safety and consumer protection, while also paying attention to market development.

Additionally, according to a report by China Times News Network, the Taiwan Financial Supervisory Commission pointed out that the regulation of virtual assets will be divided into four phases, and it is currently at the third phase.