Taiwanese traders start accepting stablecoins! The Financial Supervisory Commission confirms: banks are "quietly training" to seize business opportunities

Taiwan’s virtual asset regulation is about to enter a new phase. Last week, Financial Supervisory Commission Chair Peng Jinlong stated at the Lunar New Year press conference that the draft “Virtual Asset Service Law” has completed the Executive Yuan review process. Once it is approved by the Executive Yuan, it will be reported to the Legislative Yuan.

However, before the regulations are finalized, market changes have already quietly occurred. FSC Deputy Chairperson Zhuang Xiuyuan said that many import and export traders in Taiwan have begun to settle stablecoins in practice.

Zhuang Xiuyuan pointed out that as stablecoins become increasingly popular in international trade and cross-border payment scenarios, many multinational import and export companies in Taiwan have already started accepting US dollar stablecoins. As companies hold more and more stablecoins, and based on trust in the traditional financial system, they will inevitably seek to connect with Taiwanese financial institutions to handle subsequent storage, management, and payment needs.

Zhuang Xiuyuan stated that for financial institutions, custody services will be the first step into stablecoin business. Several banks are already planning and even actively engaging in virtual asset custody services, recognizing the actual demand from enterprises.

She further pointed out that when stablecoins begin to be used for supply chain payments, it could generate demand for digital currency stablecoins. Therefore, the FSC expects that in the future, financial institutions will be able to provide seamless services for cross-border payments using either fiat currency or stablecoins, helping enterprises improve efficiency.

She also revealed that recent market feedback shows that the financial industry has already seen concrete application scenarios and is quietly preparing. The FSC hopes that once the special law is passed, these companies will have a certain level of maturity in their technology, enabling them to further promote more financial services.