FSC: Taiwan's special law for virtual assets will hold a public hearing in February and submit for review in June, with Stable Coin included in regulation, and observation of Bitcoin ETF opening to retail investors for another six months.

The Financial Supervisory Commission (FSC) reported many significant financial measures and answered many journalists' questions at the New Year's press conference at 2:00 p.m. today, including the 'Special Act for Virtual Assets' and 'Stable Coin Regulation.' It is understood that the Special Act for Virtual Assets is expected to be submitted to the Executive Yuan for review before the end of June, while Stable Coin will be jointly supervised by the Central Bank and the FSC. (Background: The FSC stated that the issuance of Trump meme coin in Taiwan is not illegal! FSC: 'His coin issuance is a personal act and does not violate the law without advertisement.') With the Lunar New Year approaching, the Taiwan stock market will enter an 11-day holiday period after the close today (22). The weighted index of the Taiwan stock market rose by 225 points (0.97%) to close at 23525 points, bringing good luck to investors for the new year. After the Taiwan stock market closed, the FSC immediately held a New Year's press conference hosted by Chairman Huang Kung-Lung at 2:00 p.m., reporting many significant financial measures, including the 'Special Act for Virtual Assets' and 'Stable Coin Regulation.' Review of encryption act in June, inclusion of Stable Coin in regulation In the press conference, Chang-Chin Shan, Director of the Securities and Futures Bureau, first stated that the virtual currency platform and VASP businesses have entered the fourth stage, and Taiwan will have a formal Special Act for Virtual Assets. Chang-Chin Shan is expected to invite experts, scholars, VASP associations, and related units to hold a public hearing and discussion in February, and announce the regulations in March, hoping to submit the draft act to the Executive Yuan for review before the end of June this year. It is understood that the draft act currently includes chapters on general principles, virtual asset service providers, VASP associations, Stable Coin issuance and management, supervision and oversight mechanisms, penalties, and appendices. The key points of VASP supervision include organizational structure, capital, personnel qualifications, financial reports, and customer protection. In addition, Chairman Huang Kung-Lung pointed out at the meeting that in terms of Stable Coin regulation, it will be jointly managed with the Central Bank, and the digital currency (CBDC) will be fully managed by the Central Bank; while Stable Coin will be jointly managed by the FSC and the Central Bank. Huang Kung-Lung also defined Stable Coin as a bridge between virtual assets and fiat currency: Stable Coin is a bridge between virtual assets and fiat currency, and we will actively handle the Special Act for Virtual Assets. Huang Kung-Lung: The registration system for businesses is an upgraded version of anti-money laundering. Huang Kung-Lung further stated that the previous registration system for businesses can be seen as an upgraded version of anti-money laundering to some extent. Since the Special Act for Virtual Assets has not yet been implemented, businesses have not been formally supervised and guided. He believes that after the establishment of the Special Act for Virtual Assets, the standardization of key points such as establishment conditions, standards, qualifications of initiators, and business types will gradually integrate the number of cryptocurrency businesses. With businesses being brought under management, operating costs will correspondingly increase, but this will also help improve service quality, further promote the normalization, regularity, and standardization of the industry. On the other hand, regarding the issue of relaxing professional investors' investment in BTC ETF, Huang Kung-Lung stated that a six-month observation period will be set first, and a decision on whether to further open it will be made after evaluating the overall market performance. Related reports: Taiwan's FSC unveils 'Financial Market Innovation Department' and warns encryption users in the same day: 'All Money Laundering will be caught!' Taiwanese cryptocurrency taxation causing public outrage 'Must declare even if no money is withdrawn,' are the Ministry of Finance and FSC playing separately? Is P2P trading completely illegal? FSC shouts 'individual coin merchants are subject to seven years of imprisonment,' VASP draft act aims to be submitted to the Executive Yuan by June (FSC: Taiwan's Special Act for Virtual Assets to hold public hearings in February, submit for review by June, include Stable Coin in regulation, observe BTC ETF opening for retail investors for six months) This article was first published by BlockTempo, the most influential blockchain news media in the dynamic area.