Taiwanese legislators have introduced the Virtual Asset Management Bill to the Legislative Yuan, aiming to provide better protection and supervision for customers in the virtual asset industry. The bill proposes obligations for virtual asset service providers (VASPs), such as separating customer funds, establishing internal controls, and joining trade associations. However, it does not currently require stablecoin issuers to hold a 1:1 reserve ratio and does not mention algorithmic stablecoins. Advertising rules will be determined by the competent authority. Operating without a license could result in fines ranging from two million to twenty million Taiwanese dollars. Existing companies in Taiwan will have six months to obtain a license. The Financial Supervisory Commission has also released industry guidelines for VASPs, prohibiting foreign providers from operating in Taiwan without necessary approvals. Local cryptocurrency exchanges have formed a self-regulatory association to support the industry and collaborate with regulators.

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Geography	Asia
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Companies	Taiwanese legislators, Virtual Asset Management Bill, self-regulatory association, stablecoin issuers, Legislative Yuan, competent authority, virtual asset service providers (VASPs), Taiwan Virtual Asset Platform and Transaction Business Association, Financial Supervisory Commission (FSC)
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