Taiwan's Legislative Yuan has passed the Virtual Asset Service Providers Act, establishing a comprehensive regulatory framework for virtual asset service providers (VASPs) and stablecoin issuers. The law mandates that crypto platforms must obtain approval from the Financial Supervisory Commission (FSC) before operating, and adhere to stringent cybersecurity, asset segregation, and internal control standards. Platforms already registered for anti-money laundering must apply for a license within 12 months and receive FSC approval within 21 months of the law's enactment. Stablecoin issuance requires approval from both the central bank and the FSC, with a requirement for full reserves. Unauthorized VASP or stablecoin operations could result in up to seven years in prison and fines of up to NT$100 million, while fraud or market manipulation could lead to three to ten years in prison and fines ranging from NT$10 million to NT$200 million.