Taiwan’s Financial Supervisory Commission has set the end of March as the deadline for virtual currency platform license applications. The commission recently released statistics that show that only 10 operators have submitted applications so far.
Out of these, just 4 operators have fully completed the required license process, which amounts to less than 20% of the original 23 applicants. This slow progress has raised concerns among market participants about the strict timeline and its implications.
Operator Participation and Compliance
Among the 10 applicants, only 4 are operators who were previously delisted by the commission. The names of these operators include Yin Tianxia, Hong Zhu, MaiCoin, and Heya.
The remaining six applicants are new companies aiming to enter the Taiwanese market for the first time. All applicants are local, and no overseas companies have applied yet.
The commission has indicated that there are still 19 companies that have not submitted their applications, and these companies may decide to apply just before the deadline.
Shang Guangqi, chief secretary of the Securities and Futures Bureau, stated that operators failing to apply by the end of March will lose the ability to provide virtual asset services.
He warned that those companies would face legal penalties and even criminal charges if they continued operating without a valid license. This firm stance is intended to promote transparency and trust in Taiwan’s virtual currency industry.
Also Read: Taiwan to Unveil Draft Law Authorising Banks To Issue Stablecoins in June 2025
Impact on Exchanges and Stablecoin Listings
Certain exchanges like BitTorrent and Xrex (ChainTech) are still preparing their documentation and plan to submit applications soon. ACE, an exchange that has already halted its operations, may struggle to meet the requirements in time.
In addition to exchange licenses, the commission has set strict rules for stablecoin listings. If stablecoins such as USDT or USDC are to be offered on Taiwan trading platforms, they must pass a special review process.
This review will ensure that stablecoins are compliant with local regulations before they can be freely listed for trading services.
The Financial Supervisory Commission will update its website by publishing a list of operators who have not completed their applications. This measure is designed to strengthen market trust and enforce clear compliance standards.
The commission is committed to removing non-compliant operators from the market to prevent further legal violations.
Future of Virtual Asset Regulation
The commission plans to complete the review of all application cases by the end of September 2025 at the latest. Once completed, this process will mark the official start of legal and institutional virtual asset transactions in Taiwan.
These steps are aimed at reducing money laundering and fraud while providing a safe environment for digital asset trading.
Additionally, the Financial Supervisory Commission is preparing for an institutional trial of cryptocurrency custody services in 2025.
Taiwan’s push to regulate its virtual currency market reflects the government’s commitment to protecting investors and modernizing financial services. The strict deadline and comprehensive review process will force operators to meet high compliance standards.
Also Read: Federal Reserve Governor Waller Backs Stablecoins, Promotes Its Banks & Non-Banks Usage
