Taiwan
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FSC Previews Stablecoin Issuance Rules: Non-Bank Issuers Must Have at Least NT$300 Million in Capital
- Three categories may apply for a stablecoin issuance license: banks; financial holding companies or bank-invested corporations; and other institutions designated by the FSC, with non-bank issuers requiring minimum paid-in capital of NT$300 million, mandatory public listing, and an exclusive stablecoin business scope.
- Reserve assets backing each stablecoin must be valued at fair value and must not fall below the stablecoin's total outstanding circulation, subject to regular audits by certified accountants, alongside requirements for internal controls, business continuity policies, and cybersecurity management, plus reporting to the FSC and the central bank.
- The FSC is also amending the 'Regulations Governing Anti-Money Laundering of Financial Institutions' and related internal control rules to designate stablecoin issuers as financial institutions under Article 5, Paragraph 1, Item 18 of the Money Laundering Control Act, with a 40-day comment window via the FSC's regulatory inquiry system; this follows the Virtual Asset Service Act promulgated by the President on July 22, with implementation timing to be set by the Executive Yuan, and FSC Chairman Peng Jin-lung indicated in September that related sub-regulations could take effect as early as Q1 next year.