Taiwan's Financial Supervisory Commission (FSC) has announced plans to regulate virtual assets and trading businesses in four stages, with the aim of improving safety and consumer protection while promoting market development. The FSC has established a self-regulatory organization for virtual asset service providers (VASPs), which will develop rules and penalties to strengthen self-discipline in the industry.

The regulation of virtual assets is expected to be proposed in draft form by the end of December this year, followed by regulatory announcements and public hearings. The draft will then be submitted to the legislature for approval before June next year. The FSC has been designated as the competent authority for virtual assets with financial investment or payment characteristics, and has taken the initiative to regulate important aspects of the industry.

The regulation of virtual assets is currently in its third stage, according to the FSC. The commission has pointed out that the regulation of the virtual asset industry will be divided into four stages, with the aim of improving safety and consumer protection while promoting market development. The FSC has encouraged self-regulation within the industry and is considering the establishment of a dedicated bureau for crypto-related matters.

The regulation of virtual assets is expected to have a significant impact on the industry, with a focus on safety and consumer protection. The FSC has stated that the regulation of virtual assets will be divided into four stages, with the aim of improving safety and consumer protection while promoting market development. The commission has encouraged self-regulation within the industry and is considering the establishment of a dedicated bureau for crypto-related matters.

The regulation of virtual assets is an important step forward for Taiwan's financial industry, and is expected to promote market development while improving safety and consumer protection. The FSC's announcement is a significant development for the industry, and is expected to have a positive impact on the regulation of virtual assets in Taiwan.