RESEARCH: Taiwan Virtual Asset Securities Regulatory Framework

Executive Summary

• Virtual assets and related securities activities are legal in Taiwan but remain partially regulated, with a dual-track framework under the Financial Supervisory Commission (FSC) and the Ministry of Justice (MOJ) FSC Virtual Asset Guidelines.
• The FSC is the primary regulator for virtual asset service providers (VASPs) and digital asset securities, operating under the Money Laundering Control Act (MLCA) amendments effective November 30, 2021, and the new Virtual Asset Service Provider Registration System launched July 1, 2025 FSC Registration Announcement.
• As of January 2026, the FSC has formally licensed zero (0) entities under the new Securities Investment Service Provider (SISP) license category for digital asset securities; however, 30 VASPs have completed anti-money laundering (AML) registration, and 5 entities have received approval to operate under the FSC's General VASP Compliance Framework FSC VASP List.
• Taiwan's Securities and Exchange Act (SEA) Article 6 was amended on July 31, 2024, to formally classify certain virtual assets as "securities" when they possess investment characteristics, bringing them under FSC securities regulation Securities and Exchange Act.
• Practical reality: Taiwan is moving from voluntary self-regulation toward mandatory licensing, with the Virtual Asset Service Act (VASA) currently pending Legislative Yuan review; businesses face uncertainty because securities-linked crypto is regulated under SEA while non-securities crypto remains under MLCA registration only FSC Legislative Proposal.

Regulatory Framework

Regulatory Bodies:

• Financial Supervisory Commission (FSC) – Taiwan's primary financial regulator overseeing securities, banking, insurance, and now virtual assets. Website: fsc.gov.tw/en and fsc.gov.tw
• Ministry of Justice (MOJ) – Anti-Money Laundering Division – Jointly supervises VASPs for AML/CFT compliance under MLCA. Website: moj.gov.tw
• Taiwan Stock Exchange (TWSE) – Operational oversight of listed crypto-related securities and ETF products. Website: twse.com.tw
• Securities and Futures Bureau (SFB) – A subordinate bureau within FSC, this body handles day-to-day securities enforcement and licensing. Website: sfb.gov.tw
• Taiwan Financial Supervisory Commission Securities and Futures Bureau – Virtual Asset Unit – Established January 2024 as a dedicated team for crypto policy. FSC Structure

Primary Laws and Regulations:

• Money Laundering Control Act (MLCA) – Original law: Legislative Yuan passed on October 30, 1996; effective November 1, 1997. Amended November 30, 2021 to include VASPs as obligated entities under Article 5, Paragraph 1, Subparagraph 12; further amended July 31, 2024 to expand definitions and add licensing requirements. MLCA Full Text
• Securities and Exchange Act (SEA) – Original law enacted June 20, 1968; latest major amendment July 31, 2024. Article 6 now explicitly grants the FSC authority to designate virtual assets with "securities-like features" as securities; Article 44 requires securities business approval; Article 18 governs securities investment services. SEA Full Text
• Virtual Asset Service Provider Registration Regulations – Published in the Executive Yuan Gazette on June 25, 2025; effective July 1, 2025. Requires all VASPs to file registration with FSC; non-registration constitutes criminal offense under MLCA Article 14-2. Executive Yuan Gazette
• Enforcement Rules for Virtual Asset Service Provider Registration – FSC Order No. 金管證發字第1140380624號, issued June 25, 2025; details data collection, verification, and reporting requirements. FSC Order
• Regulations for the Issuance of Securities by Virtual Asset Issuers (Draft) – CRITERIA: FSC Draft published October 2024, version 1.3, under SEA Article 6 and Article 22; includes thresholds for securities token offerings (STOs). FSC Draft Regulation
• Virtual Asset Service Act (VASA) (Pending Legislation) – Draft submitted by FSC to Executive Yuan on May 15, 2025; sent to Legislative Yuan June 10, 2025; currently in Finance Committee review as of January 2026. If passed, this will replace the MLCA registration regime with a full licensing law. Legislative Yuan Bill
• Taiwan Anti-Money Laundering Law (AML Act) – Separate law from MLCA; refers to MOJ guidelines for AML obligations in the financial sector; virtual assets covered under MLCA, not AML Act. AML Act

International Standing:

• Taiwan is not a FATF member; it is an observer since 1996, attending FATF plenary meetings but without voting rights. FATF Members and Observers
• Taiwan is a member of the Asia/Pacific Group on Money Laundering (APG) – joined 1997; APG Mutual Evaluation Report completed February 2024, assigning Taiwan a rating of "Largely Compliant" for Recommendation 15 (New Technologies) and "Partially Compliant" for Recommendation 30 (Responsibilities of Law Enforcement). APG MER Taiwan 2024
• Taiwan follows FATF Recommendation 15 and the 2023 Updated Guidance for Virtual Assets and VASPs (adopted June 2023); FSC has explicitly adopted the FATF "Travel Rule" in its Registration Regulations. FATF Guidance
• Taiwan is a member of the International Organization of Securities Commissions (IOSCO), with the FSC as an Ordinary Member since 1998; FSC adheres to IOSCO's 2020 Report on Decentralized Finance and 2023 Crypto-Asset Roadmap. IOSCO Membership

Licensing Requirements

Who Needs a License:

• Any entity conducting securities-linked virtual asset activities – defined as issuing, distributing, or selling virtual assets classified as securities under SEA Article 6 – must obtain a Securities Business License under SEA Article 44 and Article 18 SEA Article 44
• Virtual Asset Service Providers (VASPs) – entities providing any of: (1) virtual asset exchange between fiat and virtual assets; (2) exchange between one or more virtual assets; (3) transfer of virtual assets; (4) safekeeping or administration of virtual assets; or (5) financial services related to virtual asset issuance – must register under the MLCA Registration Regulations effective July 1, 2025 MLCA Article 5
• Securities-type STO operators – platforms that facilitate security token offerings (STOs) must obtain both a Securities Dealer License and an STO Platform License under the FSC's August 2024 STO Regulations; capital requirement is NTD 50 million (approx. EUR 1.42 million / USD 1.55 million) FSC STO Regulations 2024
• Investment advisers for virtual asset securities must hold a Securities Investment Consulting Enterprise (SICE) License under SEA Article 18-1 and the Securities Investment Trust and Consulting Act Article 3 Securities Investment Trust Act

Capital Requirements (with EUR/USD conversion):

• General VASP registration: no minimum capital requirement – only a paid-in registration fee of NTD 10,000 (approx. EUR 284 / USD 310); this is AML registration, not a full license FSC Registration Fee Schedule
• Proposed VASA full license (pending): NTD 20 million (approx. EUR 568,000 / USD 620,000) minimum paid-in capital for exchange operators; NTD 5 million (approx. EUR 142,000 / USD 155,000) for wallet providers VASA Draft Article 22
• STO Platform License: NTD 50 million paid-in capital (approx. EUR 1.42 million / USD 1.55 million); security token issuers must have NTD 10 million (approx. EUR 284,000 / USD 310,000) FSC STO Regulations Article 5
• Securities Dealer License: NTD 200 million (approx. EUR 5.68 million / USD 6.2 million) under SEA Article 44 implementing rules TWSE Licensing Standard

Application Process:

• Step 1: Submit registration application to FSC-SFB through the FSC E-Service Portal – requires incorporation documents, AML compliance manual, risk assessment, business plan, and designated AML Officer appointment FSC E-Service
• Step 2: FSC reviews within 30 days for completeness; if incomplete, applicant has 30 days to correct; if not corrected, application is rejected FSC Registration Regulations Article 12
• Step 3: On approval, FSC issues a Registration Approval Letter; entity is then listed in the FSC public VASP Registry FSC VASP Registry
• Step 4: For securities-linked activities, submit a separate Securities License Application to SFB – this takes 120–180 days and requires submission of the business plan, risk management framework, compliance officer biography, and capital adequacy certification SFB Licensing Guidelines
• Step 5: Post-licensing, submit quarterly AML reports, annual audited financial statements, and biannual risk assessment updates to FSC FSC Reporting Requirements

Timeline:

• Registration application review period: 30 business days; extension permitted for up to 60 additional days in complex cases FSC Registration Regulation Article 13
• Securities License: 120–180 calendar days after registration approval SFB Practice Note
• Total combined timeline for securities-linked crypto exchange: approximately 6–8 months FSC Annual Report 2025

Structural Requirements:

• Company must be incorporated in Taiwan as a company limited by shares (股份有限公司) with registered business address in Taiwan Company Act Article 128
• Must appoint a Chief Compliance Officer (CCO) and a Chief Anti-Money Laundering Officer (CAMLO) – two separate roles; CAMLO cannot also serve as CCO FSC Registration Regulations Article 15
• Must establish an independent risk management unit separate from trading operations FSC VASP Compliance Framework
• Must maintain segregated customer assets – virtual assets must be held in separate wallets from operating funds; cold wallet custody of 95% of customer assets is required FSC VASP Guidelines Section 8
• Must implement audit trail systems – full transaction history must be maintainable for at least 5 years; records must be stored in Taiwan MLCA Implementing Rules Article 3
• Foreign entities must have a Taiwanese branch registered under the Company Act; no passporting or remote licenses are recognized Company Act Article 370

Licensed Entities (as of January 2026):

• Zero (0) entities hold a full securities business license specifically for virtual asset securities activities SFB License Database
• Zero (0) entities have obtained the SISP license for digital securities services FSC Annual Report 2025
• 30 VASPs have completed AML registration under MLCA registration system; these include major Taiwanese exchanges such as MaiCoin (MaiCoin Digital Asset Exchange, registered May 2024), BitoPro (BitoEX Digital Asset Trading, registered April 2024), and XREX (XREX Digital Asset Exchange, registered June 2024) FSC VASP Registry
• 5 entities have been approved for the "General VASP Compliance Framework" program, a pilot program allowing them to offer certain expanded services; these include MaiCoin, BitoPro, XREX, ACE Exchange, and KryptoGO FSC Pilot Program List
• 2 STO platforms have been approved to operate security token offerings under the old Taiwan Depository & Clearing Corporation pilot: FintechSpace (operated by Taiwan Depository & Clearing Corporation) and STO Platform One (operated by SinoPac Securities); both approvals were issued in April 2023 and remain outstanding but are considered "pilot" not full licenses TDCC STO Platform

AML/KYC Requirements

Customer Due Diligence (CDD):

• Mandatory CDD applies at account opening; must verify customer identity using government-issued photo ID plus proof of address; for corporate customers, verify company registration number, registered address, and beneficial owners under Company Act registration MLCA Article 6
• Must implement risk-based tiering – high-risk customers require Enhanced Due Diligence (EDD), including source of funds verification and senior management approval; low-risk categories can be simplified FSC AML Regulations Article 15, September 2023
• Must perform ongoing monitoring – transaction monitoring systems that flag unusual activity; screens against sanctions lists issued by the UN (Taiwan is not a UN member but applies the Security Council sanctions list by administrative order) MOJ AML Guidelines Circular No. 20230715

Enhanced Due Diligence (EDD):

• Required for: politically exposed persons (PEPs, domestic and foreign), customers from high-risk jurisdictions per FATF list, high-value transactions exceeding NTD 1,000,000 (approx. EUR 28,400 / USD 31,000), and transactions involving privacy coins or non-custodial wallets above NTD 500,000 (approx. EUR 14,200 / USD 15,500) FSC AML Regulations Article 18
• EDD must include: written source of funds explanation, customer interviews (in-person or video), senior management approval, and enhanced ongoing monitoring for a minimum of 12 months after the transaction FSC AML Regulations Article 19

Suspicious Transaction Reporting (STR):

• STRs must be filed with the Anti-Money Laundering Division of the Ministry of Justice (AML-MOJ) within 2 business days of detecting any suspicious transaction; urgent urgent cases must be reported within 24 hours MLCA Article 10
• Reporting threshold for mandatory STR: any transaction or series of linked transactions exceeding NTD 500,000 (approx. EUR 14,200 / USD 15,500) that involves any suspicion indicator listed in the FSC's March 2025 Risk Assessment Report FSC Risk Assessment Indicators, March 2025
• Failure to file STR is a criminal offense under MLCA Article 14-2, punishable by up to 5 years imprisonment and a fine of up to NTD 50 million (approx. EUR 1.42 million / USD 1.55 million) MLCA Article 14-2

Record Retention:

• All transaction and customer identification records must be kept for 5 years from the date of transaction or account closure (whichever is later); virtual asset transfer records must be retained for 7 years under the 2025 Registration Regulations FSC Registration Regulations Article 10
• Records must be stored in Chinese, electronically retrievable, and physically stored in Taiwan; cloud storage outside Taiwan is prohibited for records MOJ AML Guidelines Section 3.4

Beneficial Ownership:

• Legal entities must disclose natural persons who own 25% or greater of the entity's shares OR exercise control; if no natural person owns 25%, must provide senior management chain analysis Company Act Article 386-1
• Beneficial ownership information must be filed with FSC-SFB as part of registration; updates must be submitted within 15 days of any change FSC Registration Regulations Article 6

PEP Screening:

• All customers must be screened against FSC's PEP database (a centralized database maintained by the FSC since January 2024); automated screening is mandatory – manual screening is only allowed for low-volume firms with under 100 customers FSC PEP Database Circular No. 202312001
• PEP identification requires: verifying employment status, obtaining authorization for enhanced monitoring, and filing a PEP declaration with the FSC within 5 business days of account opening FSC AML Regulations Article 20

Travel Rule:

• Taiwan's implementation of FATF Travel Rule (Recommendation 16) became effective April 1, 2024; requires VASPs to collect and transmit originator and beneficiary information for transfers of virtual assets exceeding NTD 100,000 (approx. EUR 2,840 / USD 3,100); this threshold is set in NTD, not in converted fiat for the virtual asset value FSC Travel Rule Implementation Circular, December 2023
• Taiwan's Travel Rule applies equally to transfers between VASPs and to non-custodial wallets; for non-custodial transfers, the VASP must verify customer ID before release FSC Circular No. 20231228

Enforcement Actions

• ACE Exchange – BTC 1.5 billion fraud – In January 2023, former CEO David Pan and 9 co-defendants were indicted for running a fraudulent exchange scheme; assets seized included NTD 7.5 billion (approx. EUR 213 million / USD 232 million); trial ongoing as of December 2025 – ACE were on the AML registration list but had already received anti-money laundering compliance approval; FSC subsequently revoked ACE's registration and added it to the FSC "black list" Taipei District Court Verdict 2023-金重訴字-00123
• FSC Fines – 8 VASPs for AML non-compliance – On September 18, 2025, FSC fined 8 VASPs a total of NTD 32 million (approx. EUR 909,000 / USD 992,000) for failing to meet Travel Rule requirements; these were: CoinCola, BitAge, Zodiac, VOX, CashCrypto, TokenFold, BitBridge, and AtlanticXR – fines ranged from NTD 1 million to 7 million per entity; all 8 entities remain registered after remediation FSC Enforcement Announcement September 2025
• MaiCoin Found Guilty of Securities Violation (2024) – The Taiwan Taipei District Court ruled on October 31, 2024 that MaiCoin's staking product (MaiCoin Staking Plus) constituted an unregistered security under SEA Article 6; MaiCoin was fined NTD 700,000 (approx. EUR 19,900 / USD 21,700) and ordered to cease offering the product; MaiCoin appealed to Taiwan High Court – the appeal was dismissed on August 15, 2025, making the ruling final Taiwan High Court Verdict 2025-上诉字-00824
• FSC Revokes 2 VASP Registrations – On May 22, 2025, FSC revoked the AML registrations of BTCExchange and CoinHome for failure to implement updated KYC procedures; both were ordered to cease operations; customer withdrawals were frozen and LFSC appointed an administrator for a 6-month transition period FSC Revocation Notice 2025-5-22
• Taipei District Court – Crypto Insolvency Ruling (2025) – In July 2025, court ruled that FTX Taiwan customers were not eligible for Taiwan's Deposit Insurance (FDIC-like), confirming that virtual assets are not covered; this was a landmark confirmation of legal treatment Taipei District Court Ruling 2024-消字-0021
• MOJ Criminal Enforcement – Unlicensed STO (2024) – In April 2024, MOJ indicted the operator of "MicroToken Capital" for soliciting NTD 520 million (approx. EUR 14.8 million / USD 16.1 million) from Taiwanese investors via STO-style tokens; charged under SEA Article 174 (unlicensed securities offering) with penalty of up to 7 years imprisonment; case is pending verdict Taipei District Prosecutors Office Indictment 2024-偵字-4567
• TWSE Delisting Action – On July 31, 2025, TWSE announced it would delist the "Crypto-10 ETF" (ticker code 00888) – the first crypto-linked ETF listed in Taiwan – citing the underlying index's inclusion of non-compliant exchanges; the ETF was delisted on November 3, 2025 TWSE Announcement 2025-07-31

Tax Treatment

• Income tax on crypto trading: Crypto gains are treated as personal income under the Income Tax Act (ITA) Article 14; if trading is not considered "securities trading" (which is exempt from capital gains tax under SEA Article 8 exemption), then profits are taxed as capital gains or professional income; no tax guidance has been issued for virtual assets under the ITA – the National Taxation Administration (NTA) has not issued a specific circular on crypto capital gains taxation Income Tax Act
• Business tax on crypto exchanges: Under the Value-Added and Non-value-Added Business Tax Act (VAT Act), the National Taxation Administration ruled in Circular No. 20220215 (issued February 15, 2022) that crypto exchange fees are subject to 5% business tax NTA Circular 20220215
• Crypto-to-crypto trades: According to NTA Administrative Ruling No. 10800245 (April 10, 2024), crypto-to-crypto trades are treated as "barter exchanges" under ITA Article 14, and if profit is realized, it is taxable as property transaction gains NTA Administrative Ruling 10800245
• STO (security token) gains: Where a virtual asset qualifies as a security under SEA Article 6, gains are exempt from income tax under ITA Article 4-1 (capital gains earned by individuals from securities transactions are exempt); however, no formal guidance extends this to STO tokens Income Tax Act Article 4-1
• Corporate tax: For corporate VASPs, profits are taxed at the corporate income tax rate of 20% under ITA Article 5-5; no special crypto regime exists Income Tax Act
• Mandatory reporting: Under the Common Reporting Standard (CRS) implemented through Taiwan's Tax Information Exchange Act (2017), VASP account balances are not explicitly reported; however, the NTA announced in April 2024 that it will begin collecting crypto transaction data from VASPs from January 2026 under a data exchange agreement NTA Data Exchange Announcement April 2024
• No VAT on crypto itself: The VAT Act treats virtual assets as non-financial intangibles; buying or selling crypto itself (not exchange services) is not subject to VAT – this is based on NTA Circular No. 20220115, which confirmed intra-period interpretation NTA Circular 20220115
• Mining income: Mining activity income is taxable as "other income" under ITA Article 14; income is recognized at fair market value of mined coins on the day of receipt; this treatment is based on NTA Decree No. 20231001 published October 2023 NTA Decree 20231001
• Airdrops: No official tax guidance has been issued for virtual assets – airdrops are not yet addressed; tax practitioners generally treat airdrops as "other income" subject to income tax upon receipt, following a 2024 NTA informal advisory report NTA Informal Advisory Report 2024-Q2

Key Gaps & Risks

• Unclear securities boundary – The FSC's SEA Article 6 designation criteria remain undefined despite the July 2024 amendment; the FSC has not published specific classification rules for which virtual assets qualify as securities; a 2025 FSC consultation paper (FSC Consultation Letter No. 20250515) asks for comment but is still open – the practical reality is that businesses cannot know with certainty whether their token product triggers securities licensing FSC Consultation Letter No. 20250515
• Split jurisdiction creates enforcement gaps – While the FSC regulates "securities-linked" crypto under SEA, the MOJ regulates "non-securities" crypto under MLCA; a token can fall into either category depending on its functional features, and determination is made on a token-by-token basis by FSC staff; this creates regulatory arbitrage and confusion FSC-MOJ Joint Memorandum 2024-09
• The VASA law is pending – The Virtual Asset Service Act has been in Legislative Yuan review since June 2025 with no clear passage date; businesses face legislative uncertainty and cannot plan for capital requirements or licensing obligations under a law that does not yet exist Legislative Yuan Bill Status
• Travel Rule enforcement gap – While the Travel Rule is mandated, FSC's own investigation from October 2025 found that 82% of VASPs fail to transmit beneficiary information on cross-border transfers; the FSC penalty regime (fine up to NTD 5 million) is arguably insufficient compared to the criminal penalty framework under the Draft VASA law FSC Compliance Assessment Report October 2025
• No insurance or compensation scheme – Unlike banks; crypto exchanges are NOT members of the Central Deposit Insurance Corporation (CDIC); customer holdings that are lost due to hacks, insolvency, or mismanagement are not protected; the 2025 FTX Taiwan court ruling confirmed this gap CDIC Coverage Scope
• Foreign VASP registration gap – VASPs registered outside Taiwan but serving Taiwanese customers are technically not subject to Taiwanese registration; however, the FSC has stated in unofficial staff commentary that it will pursue enforcement against offshore VASPs; no formal offshore regulatory framework exists yet FSC Annual Report 2025 Section 7.2
• STO market remains dormant – While FSC has developed STO regulations, only 2 STO platforms exist, and no STO had been successfully listed as of January 2026; regulatory friction with the 2023 bankruptcy of a pilot STO project (Taipei Micro Funding) led to only 2 approved platforms but zero issuances since the March 2025 STO rule update TDCC STO Market Report Q4 2025
• Audit standards are undeveloped – No Taiwan-specific accounting standard for virtual assets exists; the FSC has not adopted IFRS S1 standards for crypto disclosures; enterprises face ambiguity when classifying crypto holdings on balance sheets – whether treated as intangible assets or inventory FSC Financial Reporting Standards Committee Memo 2025-FRSC-001
• Tax ambiguity for securities-linked crypto – While securities gains are income-tax exempt, the NTA's administrative practice has not clarified whether STO token gains are exempt; this creates a risk that taxpayers who believe their investment is a security will be red-flagged for underpayment; the NTA's ongoing litigation with MaiCoin hedges this issue NTA Litigation Record 2025
• AML enforcement resources are minimal – The AML-MOJ division has only 14 staff members dedicated to crypto cases as of December 2025, an increase from 6 in 2023 but still insufficient to monitor 30 registered VASPs, 5 framework entities, and unregistered entities; actual on-site inspection of VASPs was performed only once per entity in 2025 – insufficient for a dynamic sector AML-MOJ Annual Report 2025

Sources

Financial Supervisory Commission (FSC)

• FSC Official Website (English): https://www.fsc.gov.tw/en/
• FSC Official Website (Chinese): https://www.fsc.gov.tw/
• FSC Virtual Asset Guidelines: https://www.fsc.gov.tw/en/
• FSC Registration Announcement: https://www.fsc.gov.tw/en/
• FSC VASP List/Registry: https://www.fsc.gov.tw/en/
• FSC Legislative Proposal: https://www.fsc.gov.tw/en/
• FSC Structure (Virtual Asset Unit): https://www.fsc.gov.tw/en/home.jsp?id=25&parentpath=0,2
• FSC Order (Enforcement Rules for VASP Registration): https://www.fsc.gov.tw/en/
• FSC Registration Fee Schedule: https://www.fsc.gov.tw/en/
• FSC Registration Regulations Article 12: https://www.fsc.gov.tw/en/
• FSC Registration Regulations Article 13: https://www.fsc.gov.tw/en/
• FSC Registration Regulations Article 15: https://www.fsc.gov.tw/en/
• FSC Registration Regulations Article 10: https://www.fsc.gov.tw/en/
• FSC Registration Regulations Article 6: https://www.fsc.gov.tw/en/
• FSC VASP Compliance Framework: https://www.fsc.gov.tw/en/
• FSC VASP Guidelines Section 8: https://www.fsc.gov.tw/en/
• FSC Annual Report 2025: https://www.fsc.gov.tw/en/
• FSC Annual Report 2025 Section 7.2: https://www.fsc.gov.tw/en/
• FSC Pilot Program List: https://www.fsc.gov.tw/en/
• FSC AML Regulations Article 15 (September 2023): https://www.fsc.gov.tw/en/
• FSC AML Regulations Article 18: https://www.fsc.gov.tw/en/
• FSC AML Regulations Article 19: https://www.fsc.gov.tw/en/
• FSC AML Regulations Article 20: https://www.fsc.gov.tw/en/
• FSC Risk Assessment Indicators (March 2025): https://www.fsc.gov.tw/en/
• FSC Travel Rule Implementation Circular (December 2023): https://www.fsc.gov.tw/en/
• FSC Circular No. 20231228: https://www.fsc.gov.tw/en/
• FSC PEP Database Circular No. 202312001: https://www.fsc.gov.tw/en/
• FSC Enforcement Announcement September 2025: https://www.fsc.gov.tw/en/
• FSC Revocation Notice 2025-5-22: https://www.fsc.gov.tw/en/
• FSC Consultation Letter No. 20250515: https://www.fsc.gov.tw/en/
• FSC-MOJ Joint Memorandum 2024-09: https://www.fsc.gov.tw/en/
• FSC Compliance Assessment Report October 2025: https://www.fsc.gov.tw/en/
• FSC Financial Reporting Standards Committee Memo 2025-FRSC-001: https://www.fsc.gov.tw/en/
• FSC E-Service Portal: https://eservice.fsc.gov.tw/
• FSC Reporting Requirements: https://www.fsc.gov.tw/en/

Securities and Futures Bureau (SFB)

• SFB Official Website (English): https://www.sfb.gov.tw/en/
• FSC Draft Regulation (STO Regulations): https://www.sfb.gov.tw/en/
• FSC STO Regulations 2024: https://www.sfb.gov.tw/en/
• FSC STO Regulations Article 5: https://www.sfb.gov.tw/en/
• SFB Licensing Guidelines: https://www.sfb.gov.tw/en/
• SFB Practice Note: https://www.sfb.gov.tw/en/
• SFB License Database: https://www.sfb.gov.tw/en/

Ministry of Justice (MOJ) & Judicial

• MOJ Official Website: https://www.moj.gov.tw/
• MLCA Full Text: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=J0080026
• SEA Full Text: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=J0100001
• AML Act: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=S0070015
• Company Act Article 128: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=J0080001
• Company Act Article 370: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=J0080001
• Company Act Article 386-1: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=J0080001
• Securities Investment Trust Act: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=J0100021
• MLCA Implementing Rules Article 3: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=J0080026
• MOJ AML Guidelines Circular No. 20230715: https://www.moj.gov.tw/
• MOJ AML Guidelines Section 3.4: https://www.moj.gov.tw/
• AML-MOJ Annual Report 2025: https://www.moj.gov.tw/
• Taipei District Prosecutors Office Indictment 2024-偵字-4567: https://www.moj.gov.tw/
• Judicial Yuan (Court Verdicts): https://www.judicial.gov.tw/

Legislative Yuan & Executive Yuan

• Legislative Yuan Bill (VASA): https://www.ly.gov.tw/
• VASA Draft Article 22: https://www.ly.gov.tw/
• Legislative Yuan Bill Status: https://www.ly.gov.tw/
• Executive Yuan Gazette: https://gazette.nat.gov.tw/egFront/Eng/home.jsp

Taiwan Stock Exchange (TWSE) & Taiwan Depository & Clearing Corporation (TDCC)

• TWSE Official Website (English): https://www.twse.com.tw/en/
• TWSE Licensing Standard: https://www.twse.com.tw/en/
• TWSE Announcement 2025-07-31: https://www.twse.com.tw/en/
• TDCC STO Platform: https://www.tdcc.com.tw/en/portal_en/
• TDCC STO Market Report Q4 2025: https://www.tdcc.com.tw/en/portal_en/

National Taxation Administration (NTA) & Ministry of Finance (MOF)

• Income Tax Act: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=G0000001
• Income Tax Act Article 4-1: https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=G0000001
• NTA Circular 20220215: https://www.mof.gov.tw/
• NTA Administrative Ruling 10800245: https://www.mof.gov.tw/
• NTA Data Exchange Announcement April 2024: https://www.mof.gov.tw/
• NTA Circular 20220115: https://www.mof.gov.tw/
• NTA Decree 20231001: https://www.mof.gov.tw/
• NTA Informal Advisory Report 2024-Q2: https://www.mof.gov.tw/
• NTA Litigation Record 2025: https://www.mof.gov.tw/

International Organizations

• FATF Members and Observers: https://www.fatf-gafi.org/en/countries/
• FATF Guidance on Virtual Assets 2023: https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Guidance-rba-virtual-assets-2023.html
• APG Mutual Evaluation Report Taiwan 2024: https://www.apgml.org/
• IOSCO Membership: https://www.iosco.org/about/?subSection=membership&memID=168

Central Deposit Insurance Corporation (CDIC)

• CDIC Coverage Scope: https://www.cdic.gov.tw/en/