《虛擬資產服務法》草案多達 5 版本？金管會：穩定幣儲備、利息規範是重點

Author: Max, Crypto City FSC promotes transition to licensing system, establishes comprehensive regulatory framework for VASP Financial Supervisory Commission (FSC) Chairperson Peng Jin-lung attended the Finance Committee of the Legislative Yuan on May 7 to deliver a special report on the "Promotion and Outlook of Fintech Business Development." The report pointed out that with the rapid evolution of emerging technologies, fintech has become a key factor in strengthening industrial competitiveness. The current policy focus of the FSC is to implement financial and business supervision for Virtual Asset Service Providers (VASP). According to the draft "Virtual Asset Service Act" reviewed and passed by the Executive Yuan in April 2025 and sent to the Legislative Yuan, Taiwan's supervision of virtual assets is ushering in a milestone transformation, officially shifting from the past "AML registration system" to a stricter "licensing system." This system transition includes clear transition period regulations. Operators who have completed AML registration before the implementation of the new law must apply for a license from the competent authority within 9 months after the act takes effect, and obtain the license within 18 months. If the transition is not completed by the deadline, they will not be allowed to continue operating related businesses. (The draft versions provided by the TPP and Lin Szu-ming suggest obtaining the license within 15 months.) The FSC emphasized that this adjustment is essentially to establish a regular communication mechanism between the financial industry and VASP operators, ensuring that while virtual assets develop and innovate, risk control and consumer rights protection can be balanced. Peng Jin-lung stated that the FSC is actively creating a friendly development environment and will further enhance the innovation momentum of Taiwan's financial market through public-private partnerships. Legislative race under cross-party consensus, analysis of four major draft versions Currently, in addition to the Executive Yuan version, there are four other special act draft versions proposed by different party caucuses and legislators in the Legislative Yuan, showing a high degree of consensus between the ruling and opposition parties on establishing industry regulations. The TPP caucus, DPP legislator Lin Chu-yin, and KMT legislators Lin Szu-ming and Ko Ju-chun have each drafted versions of the "Virtual Asset Service Act." The TPP version emphasizes that the virtual asset market valuation once approached USD 2.5 trillion in January 2022. Even after being hit by major events such as the Terra Luna collapse and the FTX bankruptcy, the market scale has remained above USD 1 trillion. Therefore, establishing a sound regulatory system to protect the rights of traders is urgent. The versions from legislators such as Ko Ju-chun and Lin Chu-yin extensively refer to international legislative trends such as the EU (MiCA), Japan, South Korea, and Hong Kong, regulating the diverse nature of virtual assets. The Ko Ju-chun version pays special attention to the impact of virtual assets on traditional finance and the real economy, including application scenarios such as cross-border payments, financing and lending, and supply chain finance. Regarding administrative sanctions, all versions have proposed severe penalties. Those who violate mandatory or prohibitive provisions may be fined up to NTD 6 million, and may be ordered to make improvements within a time limit; failure to improve within the deadline may result in repeated penalties. This rigorous regulatory design aims to increase public trust in the virtual asset market and ensure the stability of the rule of law and financial order. Stablecoin regulation chapter becomes a highlight, strict reserves and interest regulations In the draft special act, "Stablecoin Issuance and Management" is listed as an independent chapter, reflecting the high importance the competent authority places on the risks of such assets. The FSC clearly stipulates that the issuance of stablecoins within Taiwan must be officially licensed. Issuers are required to maintain full reserve assets and issue and redeem at face value. To avoid stablecoins being mistaken for traditional bank deposits and to prevent speculative risks, the draft stipulates that stablecoin issuers may not pay interest to holders. In addition, operators must establish strict internal control, internal audit, and cybersecurity management systems, and must regularly report and disclose relevant financial and business information to ensure transparency. Regarding reserve requirements for stablecoin issuance, the draft designs a powerful deterrent mechanism. If an issuer fails to deposit sufficient reserves, the Central Bank will charge an annual interest rate of 5% on top of the announced minimum financing rate for the shortfall. In serious cases, an administrative fine of NTD 300,000 to NTD 6 million will be imposed. This regulatory framework, which combines financial stability and cybersecurity resilience, aims to ensure that stablecoins can develop steadily in the Taiwan market. The FSC also pointed out that after the special act completes the legislative process, it will further formulate relevant authorized sub-laws to officially open applications for operators to issue stablecoins. Asset tokenization and AI lead the future, fintech innovation never stops In addition to the construction of the legal framework, the FSC is simultaneously promoting experiments in asset token