Taiwan's Legislative Yuan recently passed the Kara Para Aklama Prevention Act Amendment, changing to a registration system for virtual asset service providers. The new system was originally scheduled to take effect on January 1, 2025, but Financial Supervisory Commission (FSC) Chairman Huang Tien-mu confirmed on the 24th that the registration system will be implemented one month ahead of schedule due to urgent demands from society to combat fraud. Legislator Ke Juin expressed concern that if the implementation is brought forward, it may cause service providers to be unprepared, ultimately resulting in a lose-lose situation for both the providers and the government. Current providers in Taiwan must complete the Kara Para Aklama Prevention Act compliance statement with the FSC before engaging in virtual asset business. However, in accordance with the Kara Para Aklama Prevention Act amendment, the FSC announced earlier this month that the compliance statement will be retired from next year on January 1, and the registration system will be fully implemented. In the future, if virtual asset service providers conduct business without completing the Kara Para Aklama Prevention Act registration, they will face criminal responsibility. Recently, it was reported that under pressure from the Executive Yuan, the registration system for virtual asset service providers may be implemented as early as December 1 this year. Ke Juin questioned the impact of the early implementation of the registration system on VASP providers, stating that compared to previous administrative fines, the registration system involves a significant increase in legal responsibility. Ke Juin questioned that hasty implementation violates the principle of reliance protection, making it difficult for providers to comply with government policy changes, thereby undermining the development of emerging industries. Huang Tien-mu promised to convey his views to the Executive Yuan, stating that after the registration system is implemented, service providers will have three months to complete the registration, and it will be officially enforced nine months after registration. This will provide sufficient buffer time for service providers. Huang Tien-mu thanked and affirmed the cooperation and efforts of VASP providers, and the FSC has tried to minimize the impact of the policy on service providers. Ke Juin pointed out that the FSC's internal processing of VASP registration is undermanned, a matter he previously raised with Premier Su Tseng-chang during a general questioning session. Su Tseng-chang also understands the situation. If the policy is implemented ahead of schedule, the FSC will face tremendous pressure in terms of manpower. Ke Juin urged Huang Tien-mu to actively convey this to the Executive Yuan, and Huang Tien-mu promised to do so as soon as possible.
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FSC onayladı: VASP kaydı sistemi bu yılın Aralık ayında yürürlüğe girecek! Ge Ru-jun endişeli, işletmelerin hazırlıksız olabileceğinden endişe ediyor.
Taiwan's Legislative Yuan recently passed the Kara Para Aklama Prevention Act Amendment, changing to a registration system for virtual asset service providers. The new system was originally scheduled to take effect on January 1, 2025, but Financial Supervisory Commission (FSC) Chairman Huang Tien-mu confirmed on the 24th that the registration system will be implemented one month ahead of schedule due to urgent demands from society to combat fraud. Legislator Ke Juin expressed concern that if the implementation is brought forward, it may cause service providers to be unprepared, ultimately resulting in a lose-lose situation for both the providers and the government. Current providers in Taiwan must complete the Kara Para Aklama Prevention Act compliance statement with the FSC before engaging in virtual asset business. However, in accordance with the Kara Para Aklama Prevention Act amendment, the FSC announced earlier this month that the compliance statement will be retired from next year on January 1, and the registration system will be fully implemented. In the future, if virtual asset service providers conduct business without completing the Kara Para Aklama Prevention Act registration, they will face criminal responsibility. Recently, it was reported that under pressure from the Executive Yuan, the registration system for virtual asset service providers may be implemented as early as December 1 this year. Ke Juin questioned the impact of the early implementation of the registration system on VASP providers, stating that compared to previous administrative fines, the registration system involves a significant increase in legal responsibility. Ke Juin questioned that hasty implementation violates the principle of reliance protection, making it difficult for providers to comply with government policy changes, thereby undermining the development of emerging industries. Huang Tien-mu promised to convey his views to the Executive Yuan, stating that after the registration system is implemented, service providers will have three months to complete the registration, and it will be officially enforced nine months after registration. This will provide sufficient buffer time for service providers. Huang Tien-mu thanked and affirmed the cooperation and efforts of VASP providers, and the FSC has tried to minimize the impact of the policy on service providers. Ke Juin pointed out that the FSC's internal processing of VASP registration is undermanned, a matter he previously raised with Premier Su Tseng-chang during a general questioning session. Su Tseng-chang also understands the situation. If the policy is implemented ahead of schedule, the FSC will face tremendous pressure in terms of manpower. Ke Juin urged Huang Tien-mu to actively convey this to the Executive Yuan, and Huang Tien-mu promised to do so as soon as possible.