Kuomintang legislator Ke Ju-chun questioned Financial Supervisory Commission (FSC) Chairman Thomas Huang during the Finance Committee meeting today, asking about the establishment of the Virtual Asset and Transaction Service Providers (VASP) Association tomorrow. The FSC has also requested VASPs to formulate self-regulatory norms, which need to be approved by the FSC. Given this, why not allow more time for these self-regulatory norms to be verified for their feasibility, instead of rushing to promote special laws for control?
In response, Thomas Huang stated that the “Virtual Asset Act” is part of the FSC’s fourth phase of regulating virtual assets, and according to the established schedule, it will not be reviewed by the legislature until at least the first half of next year. It will then need to undergo legislative review before the legislation is confirmed, which will take a long time. However, the government cannot pause in the fight against fraud during this period. Therefore, the FSC’s approach is to temporarily regulate through the amendment of the Anti-Money Laundering Act Article 2, while urging the industry to quickly implement self-regulatory norms to fill this gap through various means.
In the final part of the questioning, Ke Ju-chun emphasized that virtual assets, as an emerging technology, have great development potential. The government should encourage and support the industry’s development instead of solely emphasizing regulation. I have seen your spirit in this regard, and I support it. Please give self-regulatory organizations and norms more time and space, FSC.