Taiwan’s legislative branch has passed the nation’s first crypto and stablecoin rules, which aim to integrate the country with the global crypto market.
Taiwanese lawmakers on Tuesday passed a law to establish a regulatory framework for crypto, which includes licensing and rules for stablecoins.
The country’s financial watchdog, the Financial Supervisory Commission (FSC), said that the Legislative Yuan passed the law requiring all virtual asset service providers, or VASPs, to get approval from the regulator to operate.
The law also says stablecoins issued in the country must get approval from the central bank and the FSC, and issuers must maintain sufficient reserves with a trustee and undergo regular audits.
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