- Taiwan is expected to announce a draft special law allowing banks to issue stablecoins.
- Stablecoins will be used as a bridge between fiat currency and virtual currency.
- All stablecoins in Taiwan must receive approval from the Financial Supervisory Commission.
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Taiwan will allow banks to issue stablecoins.
According to the Taiwan Economic Daily on the 22nd (local time), the Financial Supervisory Commission (FSC) of Taiwan will announce a draft special law in June allowing banks to issue stablecoins. Feng Chin-long, a commissioner of the FSC, stated, "Stablecoins will be used as a bridge between fiat currency and virtual currency."
The FSC emphasized that all stablecoins in Taiwan must receive approval from the authorities when the law is enacted. To obtain FSC approval, issuers must meet requirements such as issuance qualifications and reserve settings. Chang Shu-yuan, director of the FSC's Banking Bureau, mentioned, "Tether (USDT) and USD Coin (USDC) are issued by entities that have not received approval from the authorities and are backed by the US dollar." He emphasized that Tether and USD Coin will also need to receive approval from the authorities in the future.
JOON HYOUNG LEE
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