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ToggleTaiwan's virtual asset market faces a regulatory turning point, with 10 companies scrambling to gain a foothold
As Taiwan's virtual currency market officially enters the regulatory era, the Financial Supervisory Commission's deadline for opening applications for virtual currency platforms and exchanges (VASP) licenses has entered the final countdown stage, with the application deadline set at the end of March. According to the latest statistics from the Financial Supervisory Commission, as of now, 10 operators have submitted applications. However, compared with the 23 operators that originally submitted "Anti-Money Laundering Statements" to the Financial Supervisory Commission, only 4 have actually completed the application, a proportion of less than 20%, which has aroused market concern.
Few existing companies actively apply, MaiCoin and other 4 companies take the lead
Among the 10 applicants , only 4 were already on the Financial Supervisory Commission’s “delist” in the past, namely Yin Tianxia, Hong Zhu, MaiCoin and Heya, indicating that most of the old operators have not yet completed the license application process. The remaining six are new companies that are planning to enter the Taiwan market for the first time. Currently, all applicants are local companies, and no overseas companies have submitted applications yet.
The Financial Supervisory Commission said that there are still 19 companies that have not yet submitted their applications, and most of them may choose to submit their applications before the deadline. Shang Guangqi, chief secretary of the Securities and Futures Bureau, pointed out that those who have not applied by the end of March will not be allowed to continue providing virtual asset services, otherwise they will violate the law and even be subject to criminal liability.
It is understood that in terms of exchanges, BitTorrent and Xrex (ChainTech) are still in the process of preparing documents and will submit them as soon as possible; while ACE, the ace exchange that has come to a halt in operations, may find it difficult to catch up in submitting documents.
Those who do not apply will be removed from the list and will be publicly removed
In order to establish a transparent mechanism, the Financial Supervisory Commission will also publish and remove the list of operators that have not completed their applications on its website. Shang Guangqi emphasized: "Those who do not apply by then will not be able to provide virtual asset services and will be held legally responsible." This measure not only strengthens market trust, but also creates clear compliance pressure on operators.
Three major regulatory priorities are released: Stablecoins are also listed
At today's regular press conference, Financial Supervisory Commission Chief Secretary Lin Zhiji and Securities and Futures Bureau Chief Secretary Shang Guangqi simultaneously explained the future regulatory direction, focusing on the following three key points:
The jurisdiction focuses on domestic transactions , and overseas transactions are not included in the scope of this supervision for the time being.
It mainly manages domestic virtual currency exchanges (platform operators) and regulates and reviews platforms established in Taiwan.
Stablecoins are included in the franchise management system , and whether they are issued, listed or traded in Taiwan, they must obtain the prior approval of the Financial Supervisory Commission.
As for stablecoins, if mainstream stablecoins such as USDT (Tether) or USDC (Circle) are to be listed on Taiwan trading platforms, they must also pass the special review of the Financial Supervisory Commission. This also means that in the future, if trading platforms in Taiwan want to provide stablecoin trading services, they will no longer be able to list them freely, but must first obtain approval from the competent authority.
The review will be completed by the end of September and the new order of virtual currency will take shape
The Financial Supervisory Commission plans to complete the review of all application cases by the end of September 2025 at the latest, and officially start the process of legalizing and institutionalizing virtual asset transactions. This change will not only help eliminate money laundering and fraud, but also inject more positive regulatory energy into Taiwan's blockchain and virtual asset industries.
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