FSC: Taiwanese VASP operators must apply for registration before 3/31, failure to do so may result in a maximum penalty of 50 million for 2 years. Are all P2P transactions illegal?

The FSC will adopt a comprehensive "registration system" for virtual asset operators, and virtual asset operators need to apply for Money Lending prevention registration with the FSC before March 31 this year (completed at the end of September), if they do not complete the registration and provide virtual asset services, natural persons will be sentenced to fixed-term imprisonment of up to two years, criminal detention or a fine of up to 5 million yuan for new Taiwan Coin, and a fine of up to 50 million yuan for legal persons. (Summary: Financial Regulatory Commission: Taiwan's Virtual Asset Law February Office Hearing June Review, Stable Coin into supervision, BTCETF open retail investor observation for another half year) (Background supplement: P2P transactions are all illegal? Taiwan's FSC shouts "seven years of personal coin business relations", and the draft VASP special law was sent to the Executive Yuan in June) Taiwan's FSC manages virtual asset operators in four stages, the first stage is managed in accordance with the "Money Laundering Prevention Law", which stipulates that VASP operators must complete a legal compliance statement to the FSC, the second stage establishes a VASP association to formulate guidelines and self-discipline norms, and the third stage formulates a sub-law in the "Money Laundering Prevention Law" and adds a "registration system". The FSC implemented the third phase of the "registration system" at the end of November last year, requiring virtual asset operators to complete registration by the end of September 2025, otherwise they are prohibited from continuing to operate, while the fourth stage is to set up a special law, the FSC plans to adopt a "concession system" to regulate VASP operators, and those who do not approve or obtain a license will be criminally liable. VASP operators to submit registration before the end of March At present, it should be noted that Taiwanese VASP operators who have completed the Money Undering prevention declaration should apply for Money Upgrading prevention registration with the FSC before March 31, 2025, and complete the Money Undering prevention registration by September 30, 2025. will not be allowed to continue to operate the regulated virtual asset business. The OTC recently reminded that undertakings or personnel who want to provide virtual asset services should apply for Money Laundering prevention registration in accordance with the documents and procedures stipulated in Article 5 of the VASP Registration Measures, and those who provide virtual asset services without completing the registration shall be sentenced to fixed-term imprisonment of not more than two years, criminal detention, or a fine of up to 5 million yuan. If a legal person commits the crime mentioned in the preceding paragraph, in addition to punishing its perpetrator, the legal person shall be fined not more than 50 million yuan. Now, with the March 31 deadline approaching, according to the Industrial and Commercial Times, VASP operators are speeding up preparations to deliver one after another, and from the perspective of registration methods, the larger part that needs to be adjusted may be the return to consumer protection principles of information disclosure, information security conditions and complaint handling procedures. Coin Trust Group said that all departments are preparing for the registration system in accordance with the registration measures and the relevant self-regulatory norms of the association, and strive to complete the registration application on schedule; HOYA BIT, MaiCoin Group, and other international cryptocurrency exchanges also noted that they hope to meet the deadline. MaiCoin Group explained that it will strive for the normal operation of the platform to ensure the rights and interests of users, and at present, in the preparation of the registration system and delivery, the implementation of the company's internal control and audit documents and mechanisms is the most burdensome, under the clear rules and regulations, all departments must re-examine whether the internal control documents and the implementation of the current mechanism comply with the regulations, and the accountant must complete the signature before delivery. Regarding the registration system, people in the coin circle said that for large operators, there are more resources to deal with, but the resources and scale of small and medium-sized operators are limited, and to improve the rigor is like Sun Wukong's tight curse "the head hurts", let alone "leapfrog the level to fight monsters", I am afraid that half of the operators will automatically disappear after March 31. Some experts bluntly said to the moving area that the current Money Laundering Prevention Law and related regulations do not clearly stipulate what the definition of "coin dealer" and "legal p2p transaction" is, and in the rush of the registration system, the anti-corruption police who implement the ban may not be able to distinguish what is "individual coin dealer" and "ordinary cryptocurrency transaction", and the cryptocurrency P2P transaction under the table may all enter the scope of banning, affecting many people who conduct P2P transactions. Stage 4 Proposed Concession System Specification After Phase 3 "Registration System", the FSC Phase 4 plans to adopt a "concession system" to regulate VASP operators, according to the draft special law, if the future industry wants to carry out virtual asset trading transactions such as BTC, it must be licensed by the FSC before undertaking it, and if it conducts transactions without approval, it may face up to 7 years of criminal liability. In view of the progress of the virtual asset special law, the FSC explained before the Spring Festival that it is expected to invite experts and scholars, VASP associations and relevant units to hold public hearings and discussions in February, and make a regulatory advance in March, hoping to transfer the draft special law to the Executive Yuan for review before the end of June this year. Related reports Central Bank: Taiwan did not consider including BTC in forex deposit, Peng Jinlong announced that the virtual asset special law will be sent to the "legislative court" in June next year Taiwan's anti-fraud special law will include "encryptionexchange" in joint defense! The FSC announces that the draft of the 4 sub-laws will be released before the end of the year Sorting out the current situation of Taiwan's cryptocurrency supervision: when will the special law be on the road, the four major stages of VASP, the establishment and goals of the virtual currency association 〈FSC: Taiwan's VASP operators must apply for registration before 3/31, and the maximum penalty of 50 million yuan for not completing the maximum 2 years is illegal, and P2P transactions are all illegal? This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".