Taiwan FSC don put new regulation on top VASP: Cold Wallet requirement and compliance deadlines
Taiwan Financial Supervisory Commission (FSC) don put new rules for Virtual Asset Service Providers (VASPs), sayin dem must keep 70-80% of customers money for inside cold wallets. Dis one go make sure say hackers no fit too access am. Under Anti-Money Laundering Act, VASPs must do wetin dem ask dem to do and register by September 2025. The FSC new rules dey now include how dem go manage am based on how difficult the business be, and dem go still explain am more later on. If VASP meet international standards like ISO 27001, dem fit keep 30% of the money for inside hot wallets, but if dem no meet am, dem must keep 80% for inside cold wallets. The new rule, wey dem wan use reduce cyber attack, fit affect how VASP dey do business on top blockchain. People still dey doubt if cold wallets dey effective, because of wetin happen before like the Bybit hack.
Neutral
Di introduction of strong cold wallet rules wey Taiwan FSC put down get mixed effect for crypto market. For short time, di wahala to follow di rules fit cause problem for small VASPs, e fit lead to dem dey offer less service or di money wey dem dey use run business go increase. But big VASPs wey get more money fit quick adjust, and di way dem dey put mouth for security fit give investors mind say their money dey safe, e go lead to balance view for long time. Di first reaction fit be to dey careful, but di chance say cyber risk go reduce fit make market settle down later.