Original sourcealtcoinreporter.com
Summary
Taiwan's Legislative Yuan passes the Virtual Asset Service Act; VASPs must obtain FSC permission, stablecoin issuance requires dual approval from the FSC and central bank, 100% reserves, independent trust custody, violators face up to seven years in prison.
Key points
- Understand the latest development in Asian stablecoin regulation; Taiwan joins Japan and Singapore as a strictly regulated market.
- Taiwan's tighter regulation will affect regional stablecoin circulation and compliance costs, possibly triggering an Asian regulatory race.
- For operators: must apply for dual approval, significantly increasing compliance costs; for users: stablecoin choices limited but protections improved.
- Similar to Japan's 2020 stablecoin bill, but Taiwan's requirement for central bank approval is stricter.
Editorial note
This page is Code & Chain's editorial summary of public sources. It may be prepared with AI assistance and published through an automated workflow. Refer to the original sources; this content is not investment, legal, or tax advice.