Taiwan Cracks Down on Crypto Firms With New Licensing Regime

Taiwan has passed a new Virtual Asset Services Act, introducing a licensing regime for crypto firms.

The Financial Supervisory Commission (FSC) will supervise exchanges, custodians, lenders, and other virtual asset service providers.

Existing crypto firms have 12 to 21 months to secure FSC licenses or face penalties under the law.

The law sets rigorous standards for operations, corporate governance, and consumer protection across the local market.