This paper first examines VoIP from technology and cost views, and analysis the conflictions between VoIP and the present telecom regulatory framework. Then it proves that a layered model of telecom regulatory framework facing the network convergence could achieve the best level of social welfare. At last this paper gives out short-term and long-term suggestions for the regulation of VoIP in China on the basis of the current situation of telecom industry in China and the experiences of EU, USA, and Japan on the regulation of VoIP. |