On 31 October 2024, the Financial Supervisory Commission (FSC) closes its consultation on draft measures aimed at enhancing anti-money laundering (AML) practices for companies or persons providing virtual asset services (VASPs). These regulations focus on preventing money laundering, ensuring compliance, and strengthening oversight for businesses involved in virtual assets, such as trading platforms, exchanges, and custodians. The new VASP Registration Regulations outline the conditions and procedures for the registration of VASPs, the management of operators and transitional provisions for the implementation of these regulations. VASPs will be required to register according to their type of business and comply with requirements relating to client protection, asset management, and information security. In addition, amendments to the VASP Anti-Money Laundering and Counter-Terrorism Regulations include requirements for VASPs to prepare annual risk assessment reports and establish internal control systems. The FSC has also indicated that the existing system of compliance declarations will be abolished and that VASPs will be required to register under the new regulations in order to continue to operate.
Original source