Chinese Taipei: Adopted Guiding Principles for the Management of Virtual Asset Service Providers (VASP)

On 26 September 2023, the Taiwan Financial Supervisory Commission (FSC) adopted its Guiding Principles for the Management of Virtual Asset Service Providers (VASP). These Principles are part of the FSC’s efforts to oversee virtual asset platforms with financial or payment characteristics and set out a number of requirements. According to the Principles, platforms must announce white papers for virtual assets issued through them. Additionally, review standards for uploading and downloading virtual assets must be established and all customer assets must be segregated from platform-owned assets. Platforms should also create and disclose virtual asset trading rules, customer protection measures, and security measures. The Principles require platforms to have internal control and audit systems as well as mechanisms that ensure independent and objective operations. The FSC aims to encourage self-regulation among VASP operators based on these Principles.