Taiwan to Classify Licensed VASPs as Financial Institutions as AFA Awards Debuts

Taiwan is preparing dedicated legislation for virtual asset service providers, or VASPs, that would place crypto companies under a licensing regime. Tsai Yu-ling, honorary chair of the Taiwan FinTech Association, said the Financial Supervisory Commission has made clear that licensed VASPs will be formally classified as financial institutions once the law takes effect, a shift that would give the industry a defined regulatory status and more institutionalized compliance obligations.

The regulatory push comes as Taiwan’s fintech sector prepares for the inaugural AFA Awards. Organizers received 88 nominations for the first edition, reflecting broad participation across the fintech and virtual-asset ecosystem. Final judging will take place in Taipei on Sept. 1, followed by the awards ceremony on the same day, when the program’s first winners will be announced.