Taiwan, China has officially established a regulatory framework for cryptocurrency through the "Virtual Asset Service Act."
By: rootdata|2026/07/01 05:42:09
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According to The Block, the Legislative Yuan of Taiwan has passed the "Virtual Asset Service Act" in its third reading. The bill has been submitted to Taiwan's regional leader Lai Ching-te for signing, and the implementation date is expected to be announced within 10 days.
The core points of the bill are as follows:
• Licensing requirements: Virtual asset service providers must apply for a license from the Financial Supervisory Commission (FSC). Platforms that have completed AML registration have a 12-month application period and a 21-month approval period.
• Stablecoin regulation: Issuing or managing stablecoins requires dual approval from both the central bank and the FSC, and maintaining sufficient reserves.
• Compliance requirements: Covering aspects such as cybersecurity, customer asset segregation, and internal controls.
• Criminal penalties: Illegal operations can result in a maximum sentence of 7 years in prison and fines of up to NT$100 million (approximately US$3.14 million); market manipulation in the crypto market can result in a maximum sentence of 10 years and fines of up to NT$200 million (approximately US$6.28 million).
Industry insiders point out that crypto companies previously operating in a legal gray area will no longer be able to rely on regulatory ambiguity. Traditional financial institutions will also be allowed to apply for VASP licenses in the future, and existing crypto companies may face increased competitive pressure.
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