Regulatory Alerts2026-08-13
Added
Presidential Order Promulgating the Virtual Asset Service Provider Act
The Virtual Asset Service Provider Act establishes a regulatory framework for virtual asset service providers (VASPs) and stablecoin issuers under the Financial Supervisory Commission. It mandates licensing for VASPs, defines seven specific service categories including exchanges, custodians, and brokers, and imposes strict capital, internal control, and client asset segregation requirements. Stablecoin issuers must obtain separate approval, maintain fully reserved assets in domestic financial institutions, and ensure redeemability at par value without interest. The law introduces criminal penalties for market manipulation and unlicensed operations, administrative fines for compliance failures, and a twelve-month transition period for existing entities to secure licenses upon the law's effective date.