PANews reported on January 23 that according to the Taiwan media Economic Daily, according to the draft of the cryptocurrency law proposed by the Taiwan financial regulatory authorities before the end of June, banks may be allowed to issue stablecoins. Peng Jinlong, chairman of the Taiwan financial regulatory authorities, said that in the future, investors will have an "entrance" when trading virtual assets. This entrance is to use stablecoins as a bridge between legal currency (referring to the New Taiwan dollar) and virtual currency, making it easier for investors to trade in the virtual asset market.

In addition, relevant regulators also said that the stablecoins such as USDC (US dollar stablecoin) and USDT (Tether) currently circulating in the market are not approved by the competent authorities but are claimed by the industry themselves to be backed by US dollar assets. After the future amendment of the law, all stablecoins issued in Taiwan will need to be approved by the Financial Supervisory Commission, including issuer qualifications, reserve allocations, etc.