Taiwan's legislature passes first crypto and stablecoin regulations

Taiwan's Legislative Yuan passed the nation's first crypto law, requiring all virtual asset service providers to obtain FSC approval. Stablecoin issuers need central bank and FSC approval with mandatory reserve audits. Violators face up to 10 years in prison and fines up to $6.3 million.

• Seven types of VASPs (exchanges, trading platforms, custodians, lenders, etc.) must get FSC approval to operate.
• Stablecoin issuers need approval from both the central bank and FSC, with sufficient reserves held by a trustee.
• Crypto fraud and price manipulation carry 3-10 year prison sentences and fines up to $6.3 million.
• Operating without a license carries up to 7 years in prison and fines up to $3.1 million.

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