Fintech 2026

TAIWAN Law and Practice Contributed by: Robin Chang, Sarah Wu and Eddie Hsiung, Lee & Li

As to RWAs In March 2024, the then Chairperson of the FSC, Mr Huang, stated to the Legislative Yuan that the FSC is examining the feasibility of tokenising RWAs, with the most likely application being the tokenisation of fund interests. Further, in late 2024, the FSC established an RWA tokenisation task force in co-operation with the Taiwan Depository & Clearing Corporation and certain financial institutions. The task force’s goal is to assess the preparations needed to advance RWA tokenisa - tion in Taiwan and to foster more innovative and stra - tegic development of financial technology. In its November 2025 press release, the FSC announced that the task force had finalised its report in September 2025, confirming the technology’s via - bility. Nonetheless, throughout the proof-of-concept phase, industry stakeholders gathered extensive international case studies and insights, revealing that numerous challenges remain unaddressed worldwide. As a result, it is the FSC’s view that there is a need to advance cautiously in promoting this technology. Key priorities moving forward include adapting regu - lations – particularly regarding RWA tokenisation and stablecoins. 10.5 Regulation of Blockchain Asset Trading Platforms Please see 2.2 Regulatory Regime , 2.14 Impact of AML and Sanctions Rules , 6.1 Permissible Trading Platforms and 6.3 Impact of the Emergence of Cryp- tocurrency Exchanges . 10.6 Staking Currently, there are no laws or regulations that specifi - cally address staking services. As a result, it is neces - sary to review existing regulations to determine how staking should be classified. There has been some debate about whether staking could be considered deposit-taking under the current Banking Act. 10.7 Crypto-Related Lending Currently, there are no laws or regulations that spe - cifically address crypto-related lending services. As a result, it is necessary to review existing regulations to determine how such lending should be classified. Generally, if fiat currency lending is not considered a

• Eligible investors and amount limits: Professional investors are eligible to participate in STOs, with a maximum subscription amount of TWD300,000 per STO for natural persons. To promote STO devel - opment, the FSC adjusted the policy in a January 2022 press release. Subsequently, TPEx expanded the scope of eligible foreign investors meeting spe - cific criteria under the STO rules in 2022. • Issuance process: STOs must be conducted on a single platform, with the platform operator respon - sible for ensuring the issuer meets qualification requirements and prepares a required prospectus. In instances where the platform operator is itself a security token issuer, launching an STO requires prior review by TPEx. For Tokens Without the Nature of Securities As indicated in 2.14 Impact of AML and Sanctions Rules and 6.1 Permissible Trading Platforms , for cryptocurrencies that do not possess the character - istics of securities, crypto exchanges or trading plat - forms must comply with the Crypto AML Registration Regulations and the Crypto AML Regulations. The Crypto AML Registration Regulations include specific provisions for issuers as follows: • With some exceptions, a VASP offering virtual asset exchange services must disclose key details about the virtual assets, including the token’s whitepaper, which should contain information about the issuer, among other things. • A VASP providing virtual asset trading platform services must establish criteria for reviewing virtual asset launches. These criteria should cover, among other factors, information about the issuer and the legal risks associated with the issuer. Also, as indicated in 6.3 Impact of the Emergence of Cryptocurrency Exchanges , the VASP Guidelines encompass various aspects, including the obligations of an issuer related to the issuance of virtual assets, necessitating actions such as publishing a “whitepa - per” on the issuer’s website. Additionally, the VASP Guidelines outline the mechanism for VASPs to review the launch of virtual assets.

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