FSC confirms: VASP registration system will be implemented ahead of schedule in December this year! Klaas Knot worries that operators may be caught off guard.

The Legislative Yuan recently passed an amendment to the Money Laundering Prevention Law, which changed to a registration system for virtual asset operators, and the new system was originally scheduled to be put on the road on January 1, 2025, but Peng Jinlong, chairman of the Financial Regulatory Commission, confirmed on the 24th that in response to the urgent needs of society to fight fraud, the registration system will be put on the road one month earlier. (Summary: The FSC locked six VASP operators in Q4 for "Money Undering Prevention Project Gold Inspection", and none of the 4 exchanges passed last year) (Background supplement: VSAP must exit without a license!) The FSC's draft of "virtual asset registration and Money Laundering prevention" will be on the road, what impact will it have on the currency circle? In Taiwan, if the current industry wants to engage in virtual asset business, it must first complete the Money Laundering Prevention Law Compliance Declaration to the FSC, if the Business is not completed by the Money Laundering Prevention Law Compliance Statement, the FSC can impose administrative penalties, but with the amendment of the Money Laundering Prevention Law, the FSC announced earlier this month that from January 1 next year, the legal compliance statement will be withdrawn, fully changed to the registration system, if Money is not completed in the future Laundering, which is to engage in business, will be subject to criminal liability. However, it has recently been reported that under the pressure of the Executive Yuan, the registration system of virtual asset service providers (VASPs) may be implemented earlier to December 1 this year, so legislator Ge Rujun raised a question to Peng Jinlong, chairman of the FSC, on the 24th, saying that the registration system was put on the road ahead of schedule, which had a great impact on VASP operators, because compared with the previous administrative penalties, the registration system involved criminal liability and legal liability was greatly increased. Ge Rujun questioned that rushing to the road to violate the principle of trust protection will make it difficult for the industry to cooperate with the government's policy changes, and then hit the development of emerging industries, and the industry is willing to cooperate with the government, but hopes to have enough preparation time, he called on Peng Jinlong to fight the Executive Yuan to let the registration system be implemented as originally planned. Peng Jinlong: In response to social needs, Peng Jinlong responded that the early implementation of the registration system is not due to the pressure of the Executive Yuan, but in response to the urgent needs of the society to combat fraud, the VASP registration system is part of the relevant laws against fraud, and all sectors of society have an ardent demand for fraud prevention and control, so it is hoped that the relevant laws and regulations can be implemented as soon as possible, and the purpose of going on the road in advance is to improve the efficiency of fraud prevention and control, which is also the direction generally supported by the current society. However, Ge Rujun is worried that the end of the year is the busiest period for operators, and the registration system requires complex legal procedures such as accountants' visas, which may be implemented in advance, which may make it difficult for operators to properly respond and leave, which may cause a lose-lose situation for both the industry and the government, and further affect the people's trust in the government. In this regard, Peng Jinlong promised to reflect his views to the Executive Yuan, he added that after the registration system is put on the road, the industry will have 3 months to complete the registration, and 9 months after the registration will be formally implemented, which can provide a sufficient buffer period for the industry, he thanked and affirmed the cooperation and efforts of the VASP industry, the FSC has tried its best to drop the impact of the policy on the industry. In addition, Ge Rujun pointed out that there is insufficient manpower to handle VASP registration within the FSC, and this issue he had previously raised with Chief Executive Cheuk Wing-tai in the general question, and Toh Wing-tai was also aware of the situation, if the policy is put on the road ahead of schedule, the FSC will face great pressure on manpower, urging Peng Jinlong to actively report to the Executive Yuan, and Peng Jinlong promised to submit it to the Executive Yuan as soon as possible. Related reports The virtual asset industry registration system will be on the road next year, and the legal compliance statement will be withdrawn! VASP Guild: Tutors will complete the preparation and earn $200,000 after taking the trading license? What is the untold truth behind Bump's new film MAX stores pro-return to the "risk control controversy": fraud influx exploded! It is really helpless, the rules are confidential, and the financial management committee is cooperative: 〈The FSC confirms that the VASP registration system will be brought forward to December this year! This article was first published in BlockTempo "The Most Influential Block Chain News Media".