Taiwan passed the Virtual Asset Service Act, establishing its first dedicated crypto law, and designated the Financial Supervisory Commission as the sole regulator.
Key Takeaways:
Taiwan passed the Virtual Asset Service Act on June 30, making the FSC the sole crypto regulator.Untrusted stablecoin issuers or unlicensed VASPs face up to 7 years in prison and $3.1M fines under the law.The FSC must draft roughly 9 pieces of secondary legislation to fully launch the rules by early 2027.Eight incumbents who previously completed anti-money laundering (AML) registration will have 12 months to apply for licenses and 21 months to obtain certification once the law takes effect, with a possible three‑month extension.
The FSC must draft roughly nine pieces of secondary legislation by early 2027. The Virtual Asset Service Provider Association said it would assist firms through implementing rules covering establishment, personnel management, internal controls, abnormal‑transaction monitoring, outsourcing and financial‑statement preparation. It will also operate committees for listing review, discipline and fraud‑prevention compliance.
