Taiwan VASP Association Renamed to "Virtual Asset Service Providers Industry Association," Establishes Three Major Committees to Strengthen "Listing Review and Anti-Fraud"

Taiwan Virtual Assets Regulation Reaches a New Milestone. The Republic of China Virtual Currency Business Association announced today (24th) that it has officially renamed itself the “Republic of China Virtual Asset Service Providers Industry Association” (hereinafter referred to as VASP Association) to align with the upcoming legal framework for virtual asset services. To strengthen industry compliance and governance, the association has also established three dedicated committees and publicly calls on the government to consider current industry conditions during legislation, planning reasonable transition periods and supporting measures.
(Background: Taiwan Virtual Currency Association releases self-regulatory standards, including crypto asset listing/delisting, anti-money laundering, and customer protection points (VASP))
(Additional context: Virtual Asset Industry Registration System to launch next year, compliance declarations to phase out! VASP Association: will assist industry players in preparations)

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• Industry Governance Upgrade: Establishment of Three Dedicated Committees
• Call for Supporting Legislation: Setting “Transition Period” and “Compliance Guidance”
• Chairman Zheng Guangtai: Focus on Travel Rule and Cross-Border Cooperation

Taiwan’s virtual asset industry is entering a new phase of legalization and international integration. The VASP Association held its 1st Third General Meeting on March 20, 2026, where it was decided to change its name to the “Republic of China Virtual Asset Service Providers Industry Association,” with the official announcement released today (24th).

This renaming aligns with the Financial Supervisory Commission’s (FSC) draft of the Virtual Asset Service Law, which defines industry entities as “Virtual Asset Service Providers” (VASP), symbolizing a comprehensive upgrade in industry governance structure.

Industry Governance Upgrade: Establishment of Three Dedicated Committees

In response to practical and regulatory needs, the VASP Association has formally set up three committees to assist members in compliance and enhance public trust:

• Listing and Delisting Review Committee: Ensures strict token admission processes.
• Disciplinary Committee: Strengthens internal management and market discipline.
• Anti-Fraud, Anti-Money Laundering, and Compliance Committee: Improves industry anti-fraud efforts and enforces anti-money laundering regulations.

Call for Supporting Legislation: Setting “Transition Period” and “Compliance Guidance”

Regarding the legislative process of the Virtual Asset Service Law, the association has made three major recommendations to the authorities, aiming to balance regulation and innovation:

2. Plan for Transition Period: Considering that industry players need to invest in system development, staff training, and compliance resources, a reasonable transition period and supporting measures should be established.
3. Provide Compliance Guidance Resources: Since many Taiwanese industry players are small to medium-sized, the association suggests the government offer necessary guidance resources and flexibility.
4. Align with International Standards While Maintaining Flexibility: Referencing the legislative trends in Europe, the US, Japan, and South Korea, the law should retain room for adjustments to adapt to evolving international standards.

Chairman Zheng Guangtai: Focus on Travel Rule and Cross-Border Cooperation

Chairman Zheng Guangtai stated that this year, the association will focus on three core tasks: ongoing communication with regulators regarding the detailed laws, promoting domestic industry adoption of the Travel Rule standards, and establishing local data repositories and cross-border cooperation mechanisms to improve anti-fraud efficiency.

“In the future, under the legal framework, balancing compliance requirements and industry innovation will be a key challenge.”

Vice Chairman Han Kun added that VASP represents the next paradigm shift in the financial industry. If Taiwan can adopt principle-based legislation combined with flexible management approaches, it can effectively align with global trends. Chief Advisor Cai Yuling emphasized that the association will continue to serve as a bridge between industry and government, building an ecosystem with international competitiveness.