The Financial Supervisory Commission stated last week that the agency has developed a draft of money laundering prevention and registration measures for virtual asset service providers (VASPs), and is cooperating with the revision of VASP money laundering prevention and counter-terrorism financing measures. It will issue a regulatory notice in the near future and solicit information from all parties. Party’s opinion. The Taiwan Virtual Currency Association stated that the legalization of supervision is a major milestone. The VASP registration system and related compliance matters will be officially implemented. The Association is happy to see this development and will continue to cooperate with the competent authorities and assist and guide industry players to complete preparations in compliance with legal regulations.
According to previous reports by Zombit, the draft VASP Registration Measures ("Money Laundering Prevention Registration Measures for Businesses or Personnel Providing Virtual Asset Services") will standardize VASP's business categories and branch registration systems, registration conditions and procedures, business management and transitional provisions, etc. Matters, key points include: VASPs should register for money laundering prevention, and standardize matters that should be followed by virtual asset exchangers, trading platforms, transfer providers, custodians and underwriters.
The draft also includes a transitional provision requiring VASPs that have completed a money laundering prevention compliance statement to register with the Financial Supervisory Commission within 3 months after the registration system takes effect, and to complete the registration within 9 months after the registration system takes effect. In other words, since the current legal compliance declaration system will be abolished simultaneously after the VASP registration system takes effect, businesses must register in accordance with the VASP registration regulations regardless of whether they have completed the legal compliance declaration.
In the VASP prevention measures ("Measures for Preventing Money Laundering and Combating Terrorism Financing for Virtual Currency Platforms and Trading Business Enterprises"), the key points of the revision include: clarifying that the applicable objects of this prevention measure are those who have completed registration in accordance with the VASP registration regulations, and VASPs should A risk assessment report letter is produced every year and submitted to the Financial Supervisory Commission. VASPs should establish internal control and audit systems in accordance with relevant laws and regulations on anti-money laundering and combating terrorism financing, VASP registration methods and the self-discipline standards of the Virtual Currency Association.
Related reports: (The Financial Supervisory Commission announced that the "VASP registration system" is about to be launched, and all those who have completed the compliance statement have to cancel the practice!)
The Virtual Currency Association and the industry are happy to see the results
The announcement of these two VASP drafts in the future means that Taiwan’s cryptocurrency industry will be officially regulated. The Taiwan Virtual Asset Platform and Transaction Business Association (VASP) stated that the legalization of supervision is a major milestone. The Association actively cooperated with the Financial Supervisory Commission. In the process of drafting the draft, the government also extensively collected opinions from the industry and achieved consensus.
"Taiwan has taken a step-by-step approach to the regulation of virtual assets and gradually formed a proper regulatory attitude. It is an important example of public-private collaboration." Taiwan Virtual Currency Association said: "In the future, the Financial Supervisory Commission will officially implement a registration system and require operators to improve information security and asset protection. The Association is pleased to see this development and will continue to work closely with the competent authorities and assist and guide industry players to complete preparations in compliance with laws and regulations, so as to jointly promote the development of Taiwan's virtual asset market in a compliant and sound direction."
Cryptocurrency exchange Bito stated that it gradually established various internal control mechanisms in the early days of its establishment, and regularly cooperated with the competent authorities to adjust internal operating procedures and standards. During the development process of the draft registration system, it also fully reflected the actual operating conditions of the industry.
BitTool expects to quickly respond to various preparations during the registration application process. "In the future, it will also cooperate with the registration sub-law, anti-fraud sub-law and self-regulatory framework to gradually strengthen the internal control mechanism."
Bito said: "Bito has a positive attitude towards the increasingly clear legal framework and cooperates with supervision to protect investors and enhance the transparency of industry operations."
Source