EDITORIAL: FSC should not pass the virtual buckThe Financial Supervisory Commission (FSC) last week announced guidelines for virtual asset service providers (VASPs), six months after the Executive Yuan had tasked the regulator with overseeing virtual currency platforms and transactions to comply with rules against laundering and counter the potential financing of terrorism. Virtual assets are broadly defined as digital representations of value that can be traded and used for payments or investment purposes. A VASP is an entity or individual that provides services associated with virtual assets. In the long term, the commission should consider legislation or enhance its regulatory power to support healthy growth in the domestic virtual asset sector. The FSC must continue to review and adjust its regulatory measures on a rolling basis and accumulate feedback from domestic VASPs to ensure the sector’s long-term development.

Source: Taipei Times October 01, 2023 21:39 UTC