ChainCatcher News, Taiwan's "Financial Supervisory Commission" department head Huang Xi and Zhou stated at a fintech conference in Taipei on Monday that the Financial Supervisory Commission will require "virtual asset service providers" to complete compliance registration, with new rules set to take effect in January 2025. Non-compliance may result in criminal penalties, including up to two years of imprisonment.Mr. Huang indicated that with the new rules on the horizon, regulators aim to strengthen scrutiny in key areas, including fiat currency custody, information security, customer complaint handling procedures, record-keeping, and information disclosure. Mr. Huang pointed out that there will be stricter reviews of the listing and delisting of crypto assets. Cryptocurrency exchanges must establish clear procedures for the listing and delisting of crypto assets and take measures to prevent unfair trading and detect abnormal prices and trading volumes.In addition to introducing new compliance registration rules, the Financial Supervisory Commission is also drafting a special legal proposal specifically targeting crypto assets. Financial Supervisory Commission Chairman Peng Jinlong stated today at the forum that the regulatory body is making progress and plans to submit the legal proposal to Taiwan's highest administrative authority, the Executive Yuan, in June 2025.

ChainCatcher news, according to PCHOME, Taiwan's "Financial Supervisory Commission" plans to launch a pilot program for virtual asset custody services, with three banks already expressing interest in applying. It is reported that the service may start as early as the first quarter of 2025, targeting virtual asset exchanges and professional institutional investors. Hu Zehua, Director of the Comprehensive Planning Department of the Financial Supervisory Commission, stated that applying institutions need to provide detailed descriptions of the types of virtual assets to be custodied, such as Bitcoin, Ethereum, etc.The Financial Supervisory Commission will pay special attention to the security of the business and the implementation of anti-money laundering measures. This move aims to promote financial innovation and lay the foundation for the upcoming special law on virtual assets. It is expected that by the end of this year, the Financial Supervisory Commission will introduce a draft of the relevant special law to provide a clear development framework for the virtual asset industry.

ChainCatcher News, Taiwan's "Financial Supervisory Commission" announced the opening of foreign virtual asset ETFs for professional investors through a discretionary investment method. Qualified professional investors include: professional institutional investors, high-net-worth institutional investors, high-asset clients, legal entities or funds that qualify as professional investors, and natural persons who qualify as professional investors.To ensure that investors have sufficient investment experience and knowledge, securities firms must establish a comprehensive suitability assessment system when providing virtual asset ETF services, which must be reviewed and approved by the board of directors. Before a client purchases a virtual asset ETF for the first time, the securities firm must assess whether the client has relevant investment experience and professional knowledge to ensure the suitability of the client's investment risk.In addition to professional institutional investors, other investors must sign a risk disclosure statement before their first purchase of a virtual asset ETF. Securities firms must provide relevant product information to investors before accepting their first purchase of a virtual asset ETF to assist investors in fully understanding the characteristics and related risks of the virtual asset ETF they are investing in.

ChainCatcher news, according to Decenter, the Financial Services Commission (FSC) of South Korea has announced that it has signed a memorandum of understanding with the Korea Internet & Security Agency (KISA) to cooperate in investigating unfair trading of virtual assets. This is due to numerous allegations of market manipulation in the virtual asset market and fraudulent transactions combined with information technology (IT).FSC Chairman Lee Bok-hyun stated, "Unlike capital markets, unfair trading of virtual assets requires digital information analysis, such as fact-checking related to cyber attacks. We will establish a real-time response system with KISA to prevent disguised cyber attacks or manipulation of digital information. For example, if a digital asset issuer hides code for manipulating the network in a smart contract, arbitrarily changing the issuance and circulation amounts, which contradicts the digital asset allocation plan stated in the white paper, then digital information analysis will be necessary."

ChainCatcher news, according to the United Daily News, Taiwan's Financial Supervisory Commission Chairman Huang Tianmu stated that the commission plans to propose a special law draft regarding virtual currencies in September this year. The purpose of this bill is to more effectively regulate the virtual currency market and ensure the safety of investors.In addition, Huang Tianmu also mentioned the issue of fraud using virtual currencies, indicating that strict administrative penalties will be imposed on individual and foreign currency traders.

ChainCatcher news, according to the United Daily News, the administrative agency of the Taiwan region has designated the Financial Supervisory Commission (FSC) as the regulatory authority for virtual currencies.FSC Chairman Huang Tien-Mu revealed that the executive department has instructed the FSC to conduct research on "the establishment of a new Financial Technology Bureau as the fifth department of the FSC," and internal evaluations are currently underway, with initial studies focusing on the benefits of adding a fixed department for the development of the financial industry.

According to ChainCatcher news, Taiwanese media reports that the Financial Supervisory Commission (FSC) of Taiwan will undergo significant reforms. The office of Legislator Jiang Yongchang has co-signed and submitted the "Draft Organization Act of the Virtual Assets Bureau of the Financial Supervisory Commission" for its first reading, intending to amend relevant provisions of the FSC's organizational law, which includes:In addition to the existing Banking Bureau, Securities and Futures Bureau, Insurance Bureau, and Inspection Bureau, the FSC will establish a new Virtual Assets Bureau. This agency will be responsible for the supervision of virtual asset operators' businesses and customer protection matters; it will execute financial inspections of virtual asset operators and supervise internal audits and internal controls, among other tasks.

ChainCatcher news, Taiwan's "Financial Supervisory Commission" confirmed that it has received reports alleging that JPEX is illegally soliciting in Taiwan and providing evidence, and has forwarded the information to the investigation agency for further action. Due to the significant number of victims in Taiwan, the amount involved has reached tens of millions of New Taiwan dollars. After an investigation by the Taipei City Investigation Office, singer Chen Lingjiu, who was responsible for endorsements, was recently interviewed in secret, with the case being classified as fraud.JPEX has no business representative in Taiwan, and the investigation agency interviewed Chen Lingjiu (real name Chen Zhihao) as a witness. Chen Lingjiu stated that the entire matter was initiated by Rolling Stone Records' agent Liu Bai-liang, and he was only responsible for the endorsement, claiming to be a victim himself. It is still under evaluation whether the investigation agency will interview Liu Bai-liang. The investigation agency is looking into the fact that Chen Lingjiu's endorsement fee reached eight digits, far exceeding the general market rate. After the JPEX case broke out, the company located next to SOGO in Taipei's East District was found empty, with posters of Chen Lingjiu posted outside the building. Victims have no recourse for compensation and can only file a report with the investigation agency. Whether Chen Lingjiu was completely unaware of the situation remains to be clarified, and whether he will be changed from a witness to a defendant will depend on the evidence collected.The investigation agency estimates that JPEX has invested a large marketing budget in Taiwan, including spokespersons and media, with marketing costs reaching tens of millions. It will be further clarified whether this includes victim funds or illegal cash flows; the "Financial Supervisory Commission" pointed out that according to company law, if an overseas virtual trading platform is a foreign company and has not registered a branch office, it is prohibited from conducting business in Taiwan, with criminal and civil liability. Whether there has been a violation of money laundering laws will depend on whether JPEX has engaged in exchanges of New Taiwan dollars, foreign currencies, and other currencies.

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: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.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.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.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.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.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.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.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.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.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.

ChainCatcher news, according to the United Daily News, the Taiwan Financial Supervisory Commission (FSC) stated that 52 virtual currency platform operators intend to join the Taiwan market, of which 25 (including 2 foreign companies' Taiwan branches) have completed the legal compliance declaration for anti-money laundering, while another 27 are in the process of submitting additional documents.The Taiwan FSC will announce the guidelines for virtual asset management in September, and it does not rule out the possibility of establishing a special law in the future. Before any special law is enacted, the FSC will manage virtual asset operators according to the "Anti-Money Laundering Act." If operators do not make a legal compliance declaration for anti-money laundering, they will be required to rectify the situation; otherwise, the Anti-Money Laundering Act will be invoked for penalties, with fines starting from 500,000 and reaching up to 10 million.

ChainCatcher news, BitShine co-founder Chen Peiyun stated on Facebook that the Taiwan Financial Supervisory Commission convened all cryptocurrency exchanges in Taiwan that have completed their declarations on August 8 to discuss the guidelines to be issued in September. The key points of the guidelines meeting are as follows:70% of the participants responded that banks have an unfriendly attitude towards exchanges, demanding the closure of those who have declared, and even requiring the immediate repayment of corporate loans;Individuals and corporate traders who have not declared to the Financial Supervisory Commission are in violation of the law and will be fined between 500,000 and 10 million NTD under the Anti-Money Laundering Act;Some non-Taiwanese exchanges have submitted declarations to the Financial Supervisory Commission and intend to establish a presence in Taiwan;Exchanges must have bank trust or performance guarantees;After the guidelines are issued in September, an industry association will be established;After the establishment of the association, self-regulatory norms for exchanges will be formulated.

ChainCatcher News, during a questioning session at the Legislative Yuan's Finance Committee, Taiwan's Financial Supervisory Commission Chairman Huang Tien-mu stated that regulations for banks trading cryptocurrencies will be announced in September. Regarding the possibility of the 27 domestic cryptocurrency exchanges currently under the guidance of the Financial Supervisory Commission going public, Huang Tien-mu mentioned that there are no plans for this at the moment and that they will proceed step by step. (BlockTempo)

ChainCatcher message, the official website of the Financial Supervisory Commission of Taiwan provides a detailed introduction to the regulatory promotion plan for virtual asset platforms, formulating guidelines for the management of virtual asset platforms and trading business (VASP). The supervisory focus includes: customer asset custody, fair and transparent trading, market integrity, conflict of interest management, and information disclosure, etc. (source link)

ChainCatcher News, the Executive Yuan of Taiwan will announce at the end of March or early April that the Financial Supervisory Commission (FSC) will serve as the main regulatory body for general virtual assets and their exchanges. The Executive Yuan and the FSC have been collaborating with other government departments and engaging with industry representatives to formulate a concrete plan. Officials from the Executive Yuan stated that, referencing countries such as the European Union, Singapore, Japan, South Korea, and Israel, where financial supervisory authorities play the role of regulating virtual assets, it has been determined through inter-ministerial coordination that the FSC will oversee virtual assets and regulate the order of trading platforms.Informed officials revealed that there is currently a tendency to adopt a phased regulatory intensity. Initially, the industry will self-regulate, while the FSC continues to gather international trends and study the future direction of regulations, ultimately establishing a special law for the regulation of virtual assets. Additionally, the Executive Yuan has initially planned to have NFTs used as electronic signature certificates managed by the Digital Department. (Source link)