🇹🇼 BREAKING; Taiwan just passed its first dedicated crypto law, and the details matter more than the headline.

The Virtual Asset Service Act passed June 30, making the FSC the sole regulator and replacing a light-touch AML registration system with full mandatory licensing. Exchanges, custodians, wallet operators, lending platforms, all of them need separate licenses now across seven defined categories. Operating without one carries up to 7 years in prison and $3.1 million in fines.
Here is the part that reshapes the market. $USDT and $USDC are now classified as regulated commodities, not currencies, and both need FSC approval before any licensed exchange can list them. Taiwan just made Tether's market access conditional on regulatory sign-off in one of Asia's most important financial hubs.
Stablecoin issuers must maintain full one-to-one reserves, segregated from company funds, held in trust at domestic financial institutions. Only banks can issue locally pegged stablecoins at launch.
The framework is modeled on Europe's MiCA and sits alongside the US GENIUS Act, all three restricting foreign issuers in similar ways. Taiwan, the EU, and the US passed major crypto legislation within weeks of each other.
The global regulatory convergence is no longer a trend. It is happening right now.