Crypto
Taiwan’s legislature passes crypto, stablecoin regulations
Taiwan's Legislative Yuan has passed the country's first regulatory framework for crypto and stablecoins.
Key takeaways
- Taiwan's Legislative Yuan passed a law establishing a regulatory framework for crypto and stablecoins.
- Stablecoins issued in Taiwan must get approval from the central bank and the FSC, maintain reserves with a trustee, and undergo regular audits.
- The law brings Taiwan in line with other regional jurisdictions like Japan, Singapore, and Hong Kong to attract the industry.
- Issuing stablecoins will help Taiwan integrate with the international market and secure a place in the global crypto market.
- Violators of crypto-based fraud and price manipulation face three to ten years in prison and fines up to 200 million New Taiwan dollars.
Taiwan's Legislative Yuan has passed the country's first regulatory framework for crypto and stablecoins. Under the new law, all virtual asset service providers (VASPs) must obtain approval from the Financial Supervisory Commission (FSC) to operate, while stablecoin issuers must secure approval from both the central bank and the FSC. Stablecoin issuers are also required to maintain sufficient reserves with a trustee and undergo regular audits. The law outlaws crypto-based fraud and price manipulation, carrying prison sentences of three to ten years and fines up to 200 million New Taiwan dollars ($6.3 million). Unlicensed operators face up to seven years in prison and fines of up to 100 million New Taiwan dollars ($3.1 million). The implementation date is yet to be determined, but existing registered VASPs must apply for a license within 12 months of implementation.
By the numbers
- 7
- Types of virtual asset service providers outlined in rules
- 3-10 years
- Prison sentence for crypto fraud and price manipulation
- $300,000
- Minimum fine for crypto fraud and price manipulation
- $6.3M
- Maximum fine for crypto fraud and price manipulation
- 12 months
- Grace period for registered VASPs to apply for license
How it unfolded
- Legislative Yuan passes Taiwan's first crypto regulatory framework
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