Fraud carries a maximum penalty of 10 years in prison and a fine of NT$200 million. The Virtual Asset Services Act elevates false fraud and market manipulation to the same level of severity as violations under the Securities Exchange Act. Platforms and stablecoin issuers now require approval from the Financial Supervisory Commission. In the future, buying cryptocurrencies in Taiwan may be less likely to result in sudden platform collapses—but the eight existing providers must reapply for licenses. Although these eight firms may continue operating for now, the Virtual Asset Services Act will transition them from a “registration system” to a “licensing system”: • Requirements for capital adequacy, internal controls, cybersecurity, and client asset segregation will be significantly raised. • Activities related to stablecoins will be subject to stricter regulations. • The transition period lasts up to 21 months; firms failing to obtain a license by the deadline will no longer be permitted to operate. The era of licensing has officially begun.