Airdrop Army

Taiwan’s financial watchdog’s out for blood, and crypto’s the target. January 2025, they’re rolling out the big guns with a “registration regulation” set to shake up virtual asset service providers (VASPs) like never before. Hsi-Ho Huang from the FSC’s securities squad threw down the news at the FinTechOn conference in Taipei. Word is, the new regs will pack a punch—think hefty compliance, high-stakes custody requirements, and an iron grip on transparency.

VASPs Gonna Sweat Over Listings, Custody, and Compliance

Come 2025, VASPs in Taiwan won’t just be skating by anymore. New listing rules got ‘em tangled, and the threat of criminal penalties? Yeah, that’s real. If VASPs can’t play by the FSC’s game—registering, logging, and ticking the compliance boxes—they’re lookin’ at fines and even a two-year stretch behind bars. We’re talkin’ strict measures for who gets listed, who gets axed, and a magnifying glass on any “unusual price and volume” movement. This ain’t some playground—they’re trying to lock down every piece of the puzzle.

And for custody, well, Taiwan’s laying down the law. VASPs better keep customer assets fenced off, no blending client money with their own stash. Assets gotta sit in a trust, secure as a vault, and the FSC wants a CPA to rubber-stamp reports every year. Funds and platform assets? Taiwan says separate, or expect a crackdown.

A Special Crypto Law Brewing on the Horizon

Taiwan’s not stopping with these regs either. Jin-Lung Peng, top brass at the FSC, has a grander vision—a tailor-made crypto law for Taiwan. Peng hinted this monster’s headed to the Executive Yuan by June 2025, a crypto-specific code to anchor assets and keep things above-board. Taiwan’s gearing up to play a long game, hedging on the future while setting firewalls left and right.

In fact, Taiwan’s crypto scene already saw the writing on the wall. In June, they set up a self-policing association, a ragtag group committed to playing by the FSC’s book to avoid getting booted. It’s self-regulation meets survival instinct, blending blockchain with bureaucracy before the big hammer drops.