Kuomintang legislator Ke Ju-chun questioned Financial Supervisory Commission (FSC) Chairman Thomas Huang during a meeting of the Finance Committee today, asking about the establishment of the Virtual Asset and Exchange Service Providers (VASP) Association tomorrow. The FSC has requested VASPs to establish self-regulatory norms, which must be approved by the FSC. Ke questioned why these self-regulatory norms are not given more time to validate their feasibility before rushing to promote special laws for control.
In response, Thomas Huang stated that the “Virtual Asset Special Act” is the fourth stage of the FSC’s regulation of virtual assets. According to the established schedule, the earliest it will be reviewed by the Legislative Yuan is around the first half of next year. Until legislation is confirmed, it will take a long time, but the government cannot pause in the fight against fraud. Therefore, the FSC’s approach is to temporarily regulate through the second amendment of the Anti-Money Laundering Act, while urging the industry to quickly implement self-regulatory norms to fill this gap through various means.
Ke Ju-chun emphasized at the end of the questioning 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.