Taiwan this week held a public hearing on the "Virtual Asset Services Law", which plans to regulate stablecoins and electronic payments in the same way

Taiwan, China will hold a public hearing on the "Virtual Asset Service Law" on June 12. It is reported that regulators believe that stablecoins are currently mainly used as a medium of exchange in virtual markets. Once the scale of use is expanded, the application scenarios are increased, and they are widely used for cross-border transfer, it may affect the sound operation of the existing payment and financial systems. Therefore, stablecoins used for payment should be subject to the same supervision as current electronic payments, follow the same business, the same risks, and the same normative principles, and avoid regulatory arbitrage and unfair competition.