Taiwan's Financial Supervisory Authority has submitted a draft law to the Executive Yuan, proposing a shift from a registration-based system to a licensing model for Virtual Asset Service Providers (VASPs). This new framework aims to impose stricter requirements on capital, operational guarantees, internal controls, and cybersecurity measures. The draft aligns with international standards, including the EU's MiCA and Singapore's regulations, to enhance financial stability and consumer protection. Additionally, Taiwan's Central Bank has declared that stablecoins, defined as virtual assets pegged to fiat currencies, should be regulated as currency. This includes imposing reserve requirements and necessitating prior approval for cross-border transactions, further ensuring the stability and integrity of the financial system.