Toncoin (TON) Value Forecast for March 26th
The Financial Supervisory Commission (FSC) of Taiwan has shelved its proposed legislation for the “Virtual Asset Service Act,” which establishes the regulatory framework for digital currency.
The objective is to bolster safeguards for investors and enhance openness in the digital asset sphere. The proposal details the standards for Virtual Asset Service Providers (VASPs), addressing a wide array of aspects from organizational structure to personnel skills and capital needs.
Banks are now permitted to release stablecoins linked to the New Taiwan dollar; however, they must fulfill particular requirements and secure approval from the FSC. To maintain market integrity, the FSC is authorized to perform audits, sanction offenders, and ensure adherence.
The FSC is gathering input on the proposal for a duration of 60 days, with intentions to present the finalized law to the Executive Yuan by June 30.
This action underscores Taiwan’s dedication to regulatory clarity, safeguarding investors, and combating money laundering initiatives within the digital asset domain. In October 2024, the FSC introduced revised anti-money laundering protocols, mandating that all VASPs register with the government by September 2025 or be subjected to penalties. These regulations, which took effect on January 1, also stipulate that VASPs must formulate and submit an exhaustive risk evaluation report to the FSC by the conclusion of March annually.
The Fiscal Administration is advocating for the assimilation of virtual assets by establishments via a string of calculated actions intended at additionally supervising the virtual asset arena. A crucial undertaking is the commencement of a virtual asset safekeeping amenity experimental scheme at the inception of 2025. Furthermore, the Fiscal Administration has sanctioned a number of overseas virtual asset exchange-traded finances for accredited backers. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
