Taiwan is expected to announce virtual asset platforms and VASP guidelines before the end of the month

Odaily Planet Daily News The official of the financial regulatory agency in Taiwan, China confirmed that in order to collect opinions from the outside world, the agency has held a public hearing for the industry, and is expected to officially announce the "Guiding Principles for the Management of Virtual Asset Platforms and Trading Businesses (VASP)" before the end of this month 》, and the industry associations will further formulate self-regulatory norms in the future. The above guiding principles will contain 10 key points: 1. Strengthen the management of virtual asset issuance. If there are virtual assets issued through the platform, the issuer should announce the virtual asset white paper and disclose certain information on its own website, and the platform should also announce the issuer’s website link. 2. To formulate a review mechanism for the removal and removal of virtual assets, the industry should formulate review standards and procedures for the content of the white paper and the removal and removal of virtual assets, and incorporate them into the internal control system. 3. Strengthen the separate storage of platform assets and customer assets. For virtual asset transactions and related money collection and payment business, the platform accepts legal currency or virtual assets from customers, and should be kept separately from the platform's own assets. 4. To strengthen the fairness and transparency of transactions, the platform should formulate virtual asset transaction rules and announce them to the public, and should establish relevant mechanisms to ensure fair market transactions. 5. To strengthen contract formulation, advertisement solicitation, and complaint handling. The guiding principles of Taiwan's financial regulatory agencies have been formulated. The platform should implement customer protection regulations based on the principles of fairness, equality, reciprocity, and integrity. 6. Establish management mechanisms for operating systems, information security, and hot and cold wallets. The platform should clearly establish a management system for continuous operations, information security, and private keys for hot and cold wallets. 7. Disclosure of information announcements. Regarding matters such as virtual asset issuance and product off-shelf, asset separation and storage, transaction information and rules, and customer protection, the platform should fully disclose to the outside world. 8. Strengthen the internal control and institutional inspection mechanism. The platform should establish an internal control and internal audit system and other mechanisms, and should ensure that the operation is independent and objective, and agree to accept on-site inspections by financial regulatory agencies in Taiwan or entrusted institutions. 9. It is clearly stipulated that the money laundering prevention supervision of individual currency merchants is equivalent to a legal person organization. The financial regulatory agency in Taiwan intends to specify that if a natural person engages in the virtual asset business and declares to the agency that the money laundering prevention laws and regulations comply with the statement, the content and quality of the statement must be consistent with that of the legal person organization. quite. 10. It is strictly forbidden for foreign currency merchants to illegally solicit business. Taiwan’s financial regulatory agencies plan to regulate. If overseas virtual asset platform operators have not registered in accordance with the Company Law and reported to the Taiwan financial regulatory agency for compliance with the money laundering prevention laws and regulations, they are not allowed to operate in Taiwan. region or to solicit business from the local population. (Yahoo)