Woofun AI reports that the Legislative Yuan of Taiwan passed the "Virtual Asset Service Act" in its third reading. The bill is submitted to Lai Ching-te for signing, with implementation expected within 10 days.

The framework mandates Financial Supervisory Commission licenses for service providers, granting 12-month application and 21-month approval windows for AML-registered platforms. Stablecoin issuance requires dual approval from the central bank and FSC alongside reserve maintenance. Violations carry penalties up to 10 years imprisonment and NT$200 million fines for market manipulation.