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Taiwan’s sweeping crypto law raises the bar with licensing, reserve mandates, and tough penalties
Key takeaways
- On Tuesday, lawmakers in the Legislative Yuan approved the Virtual Asset Service Act during its third reading, forwarding it to President Lai Ching-te for formal signing, which is anticipated within the next ten days.
- Once signed, the Executive Yuan will set the official start date for the rules.
- It also brings in tougher standards around cybersecurity protections, keeping customer funds separate from company assets, and strengthening internal governance and risk management.
On Tuesday, lawmakers in the Legislative Yuan approved the Virtual Asset Service Act during its third reading, forwarding it to President Lai Ching-te for formal signing, which is anticipated within the next ten days.
Once signed, the Executive Yuan will set the official start date for the rules.
The legislation requires all virtual asset service providers, including cryptocurrency exchanges and platforms, to secure explicit licensing from the Financial Supervisory Commission (FSC) before they can legally operate in the country.
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