The Financial Supervisory Commission announces that the "VASP registration system" will soon be implemented, and all operators who have completed the legal compliance declaration will be eliminated and retrained!

According to the latest announcement released by the Financial Supervisory Commission, the regulatory agency has announced the regulations and requirements for the draft of the "Registration Measures for Money Laundering Prevention of Enterprises or Personnel Providing Virtual Asset Services", as well as the revision and implementation details of the relevant laws and regulations for the "Measures for Preventing Money Laundering and Combating Terrorism of Virtual Currency Platforms and Trading Business Enterprises".

Draft Measures for VASP Registration

The draft registration method for VASP includes the following four key points:

（1） The business categories and separate registration system of virtual asset service providers: Virtual asset service providers shall handle money laundering prevention registration separately according to their business categories, including virtual asset exchange providers, trading platforms, transferors, custodians, and underwriters (Article 2 and Article 3).

（2） Registration conditions and procedures: The registration regulations provide detailed qualifications, required documents, application procedures, as well as relevant procedures for registration changes, cancellations, or abolishments.

（3） Business management: Virtual asset service providers need to comply with a series of management standards, including information system security, customer complaint handling, announcement disclosure, and record keeping. In addition, the Financial Supervisory Commission has also proposed specific guidelines for different types of virtual asset service providers to follow.

（4） Transitional clause: VASPs that have completed the declaration of compliance with the Anti Money Laundering Law shall register with the Financial Supervisory Commission within 3 months after the registration system takes effect, and complete the registration within 9 months after the implementation of these measures (Article 30).

It should be emphasized that after the VASP registration system comes into effect, the current legal compliance declaration system will be abolished simultaneously. Regardless of whether the operator has completed the legal compliance declaration, they should handle registration in accordance with the VASP registration regulations. Due to stricter audit regulations, existing businesses may face significant challenges in passing the new registration system.

Revised Draft of VASP Cleaning and Prevention Measures

In terms of the revision of VASP washing and prevention methods, the key points of revision include the following five:

（1） In accordance with the amendment of the Anti Money Laundering Law, the name of the VASP anti money laundering measures has been revised to "Measures for Preventing Money Laundering and Combating Terrorism by Businesses or Personnel Providing Virtual Asset Services", and relevant provisions have been amended (Articles 2 to 17 of the amended provisions).

（2） In response to the amendment of Article 6, Paragraph 1 of the Anti Money Laundering Law, a registration system for virtual asset service providers has been established, which specifies that this regulation applies to those who have completed registration in accordance with the VASP registration regulations. (Revised Article 2)

（3） Revise the requirement for virtual asset service providers to prepare an annual risk assessment report and submit it to this association. (Revised Article 14)

（4） Virtual asset service providers should establish internal control and audit systems in accordance with the Anti Money Laundering Law, the Anti Terrorism Law, the VASP registration method, and the self regulatory standards of virtual currency business associations. (Amendment to Article 15)

（5） The removal of virtual asset service providers shall comply with the provisions of the Anti Money Laundering Law and Compliance Statement. (Revised Article 17)

The Financial Supervisory Commission (FSC) stated that in addition to being published in the Executive Yuan Gazette, the general explanation and comparison table of the amended provisions of the draft will also be published on the FSC website. If there are any opinions from all walks of life, please state your opinions or consult the FSC Securities and Futures Bureau on the "Draft Notice" webpage of the FSC's "Main Regulations Inquiry System" website within 30 days from the day after the publication of the draft notice notice.