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According to the Taiwan Times, the legislature in Taiwan, China, China, passed the Virtual Asset Service Law, requiring virtual asset service providers (VASPs) and stable currency issuers to obtain the approval of the Taiwan, China Financial Supervisory Commission. Virtual asset service providers (VASP) are required to comply with internal control and network security requirements, and have a 12-month license application period and a 21 month approval period. Stable coin issuers are required to maintain reserves and undergo audits, and are prohibited from paying interest. Unauthorized operation can result in a maximum sentence of seven years in prison and a fine of NT $100 million (approximately US $3.14 million), while fraudulent or market manipulation can result in a maximum sentence of ten years in prison and a fine of NT $200 million. The Taiwan, China Financial Regulatory Commission needs to submit a plan to allow the provision of cryptocurrency derivatives within one year.