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Taiwan

Eleven AML-registered VASPs today; the Virtual Asset Service Act of July 2026 will bring full licensing and stablecoin permits.

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11VASPs with completed AML registration
17Former operators barred after failing to register
7 yearsMaximum prison term for unlicensed VASP or stablecoin business under the VASA

Taiwan regulated crypto through its anti-money laundering laws first.

From July 2021 local exchanges such as MaiCoin and BitoPro had to follow AML rules issued by the Financial Supervisory Commission (FSC), but there was no licence, no capital rule and no conduct regime.

Security tokens took a separate path: since 2019 the FSC has treated them as securities, with small offerings capped at NT$30 million and sold only to professional investors.

Read the full story

Fraud and the collapse of offshore platforms forced a tighter approach.

The FSC's September 2023 guiding principles required segregation of client assets and listing reviews, the industry formed a VASP association in August 2024 with six self-regulatory codes, and a July 2024 amendment to the Money Laundering Control Act made registration mandatory from 30 November 2024.

Running an unregistered crypto business now carries up to two years in prison, and foreign exchanges must set up a local company or branch to register.

The registration round was a sharp filter.

Only nine firms completed it by September 2025, and earlier operators that failed were barred from continuing (17 are listed today); after one withdrawal and three new entrants in September 2026, TSG EX, the custodian Liminal and BitstreetX, the register held 11 on 29 September 2026.

On 30 June 2026 the Legislative Yuan passed the 56-article Virtual Asset Service Act, promulgated on 22 July.

It creates seven licence types, makes association membership compulsory, sets 3 to 10 years in prison for fraud and market manipulation, and lets stablecoins be issued only with an FSC permit granted with the central bank's consent, backed by full reserves held in trust.

For builders, Taiwan is a regime in transition.

The Act starts on a date the Executive Yuan will set; registered firms then have 12 months to apply and 21 months to be licensed.

Capital levels, stablecoin issuer criteria and listing rules are all left to FSC regulations still being drafted.

Meanwhile the FSC is piloting bank crypto custody, tested tokenised bonds and funds with the central bank, opened a deposit token pilot for banks in September 2026, and plans to phase in the travel rule.

Who regulates

  • FSCFinancial Supervisory Commission

    In charge of

    Taiwan's integrated financial regulator under the Executive Yuan. It licenses and supervises banks, securities and futures firms and insurers through its bureaus, and drafts financial legislation.

    On crypto

    Wrote the Virtual Asset Service Act, promulgated 22 July 2026, and will grant its seven VASP licence types and stablecoin permits once it commences. Until then it runs AML registration, set the 2023 VASP guiding principles, treats security tokens as securities and is piloting bank crypto custody.

    FSC website
  • SFBSecurities and Futures Bureau (FSC)

    In charge of

    The FSC bureau that supervises the securities and futures markets, including exchanges, brokers, investment trusts and securities issuance.

    On crypto

    Handles VASP AML registration, mandatory since 30 November 2024, and keeps the official register: 11 registered VASPs and 17 former operators barred as of 29 September 2026. It also oversees STO platforms, which run through licensed securities dealers.

    SFB website
  • CBCCentral Bank of the Republic of China (Taiwan)

    In charge of

    Taiwan's central bank. It sets monetary policy, manages the New Taiwan dollar exchange rate and foreign reserves, and oversees the payment system.

    On crypto

    Under the Virtual Asset Service Act, no stablecoin permit can be granted without its consent, and issuers must deposit part of their reserves with it above a set size. It says Bitcoin and stablecoins are not money, has built a retail CBDC prototype without an issuance date and tested tokenised bonds with the FSC.

    CBC website
  • MOFMinistry of Finance

    In charge of

    Taiwan's finance ministry. It sets tax policy, collects national taxes through its regional tax bureaus, manages public debt and runs customs.

    On crypto

    Has no crypto-specific tax code. Crypto gains and the sales of crypto businesses fall under the general income tax and business tax rules, and it has issued little official guidance on how they apply.

    MOF website

What to watch

  • The Executive Yuan's commencement date for the Virtual Asset Service Act, which starts the 12-month application and 21-month licensing clock for registered VASPs.
  • FSC implementing regulations on minimum capital, operating guarantee deposits, token listing and stablecoin issuer qualifications, drafted with the Central Bank.
  • The travel rule: once the amended AML rules are issued, phase one covers transfers between domestic VASPs (planned for October 2026), then domestic to foreign transfers by end-2027.
  • Results of the bank virtual asset custody pilot and the FSC's work on a tokenised RWA trading platform.

Quick answers

Who regulates crypto in Taiwan?

Four authorities shape crypto rules in Taiwan. FSC (Financial Supervisory Commission): competent authority for VASP registration, the Virtual Asset Service Act and STOs, through its Securities and Futures Bureau. SFB (Securities and Futures Bureau (FSC)): runs VASP registration and publishes the official list of registered and barred operators. CBC (Central Bank of the Republic of China (Taiwan)): must consent to every stablecoin permit, sets stablecoin reserve deposit rules, and researches CBDC and deposit tokens. MOF (Ministry of Finance): administers income and business tax, which apply to crypto under general rules.

Do crypto exchanges need a licence in Taiwan?

Yes, though the regime is narrow or still phasing in. 11 AML-registered VASPs; licensing under the VASA was enacted in July 2026 but is not yet in force. The main licences are VASP anti-money laundering registration from FSC, held by 11 as of 29 Sep 2026; Virtual asset service provider licence from FSC; and Stablecoin issuer permit from FSC. Four Pillars rates exchange licensing in Taiwan as partial (reviewed 5 Oct 2026).

Are stablecoins regulated in Taiwan?

Not fully yet: the regime is being built. VASA requires an FSC permit with central bank consent and full reserves; issuer rules pending. The most recent official text is Special report on the Virtual Asset Service Act draft and the stablecoin supervisory framework (Central Bank of the Republic of China (Taiwan), 30 Oct 2025, guidance). Four Pillars rates its stablecoin regime in Taiwan as developing (reviewed 5 Oct 2026).

How is crypto taxed in Taiwan?

No crypto-specific tax code; gains fall under general income tax rules with little official guidance. Four Pillars rates tax clarity in Taiwan as partial (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Taiwan?

Yes, though the regime is narrow or still phasing in. STOs regulated as securities since 2019; offerings up to NT$30m for professional investors only. Four Pillars rates tokenisation and real-world assets in Taiwan as partial (reviewed 5 Oct 2026).

What changed most recently in Taiwan's crypto rules?

24 Sep 2026: Register grows to 11 as BitstreetX follows TSG EX and Liminal. TSG EX and the custodian Liminal completed registration on 3 September 2026 and BitstreetX on 24 September; BitstreetX's operator had been on the barred list, which falls to 17. 22 Jul 2026: Virtual Asset Service Act promulgated. 56 articles; the commencement date is left to the Executive Yuan.

What should companies watch next in Taiwan?

The Executive Yuan's commencement date for the Virtual Asset Service Act, which starts the 12-month application and 21-month licensing clock for registered VASPs. FSC implementing regulations on minimum capital, operating guarantee deposits, token listing and stablecoin issuer qualifications, drafted with the Central Bank. The travel rule: once the amended AML rules are issued, phase one covers transfers between domestic VASPs (planned for October 2026), then domestic to foreign transfers by end-2027.

Timeline

  1. Register grows to 11 as BitstreetX follows TSG EX and Liminal

    TSG EX and the custodian Liminal completed registration on 3 September 2026 and BitstreetX on 24 September; BitstreetX's operator had been on the barred list, which falls to 17.

  2. Virtual Asset Service Act promulgated

    56 articles; the commencement date is left to the Executive Yuan.

  3. Legislative Yuan passes the Virtual Asset Service Act

  4. First VASPs complete registration under the new regime

    Nine firms qualified, including MaiCoin/MAX, BitoPro and XREX; operators that failed had to stop.

  5. FSC publishes the draft Virtual Asset Service Act

  6. FSC opens a virtual asset custody pilot for financial institutions

  7. Mandatory VASP registration takes effect

  8. VASP industry association founded

    It adopted six self-regulatory codes on listing, customer protection, AML, fraud, cybersecurity and asset segregation.

  9. Money Laundering Control Act amended

    Article 6 makes VASP registration mandatory, with up to two years in prison for operating without it.

  10. FSC issues VASP guiding principles

    Client asset segregation, token listing reviews and a bar on unregistered foreign platforms soliciting locals.

  11. AML rules for crypto platforms issued

    The first binding crypto rules, requiring KYC, record keeping and suspicious transaction reporting.

  12. FSC sets the security token offering framework

    Tokens are securities; offerings up to NT$30 million go through licensed platforms, larger ones through the sandbox.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Taiwan crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/taiwan. Free to reuse with attribution; also as markdown and JSON.

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