Taiwan Regulator Opens Applications for Bank Deposit Token Pilot

Taiwan's Financial Supervisory Commission (FSC) opened applications in September for banks to test deposit tokens, a pilot distinct from the island's rules for stablecoin issuance. Applications should describe how tokens would be issued and redeemed, how records would be reconciled with bank accounts and what security controls would apply. Deposit tokens retain the legal nature of bank deposits. Taiwan's legislature passed the Virtual Asset Service Act at third reading June 30. The law includes stablecoin issuance licensing, reserve-asset requirements and disclosure rules. The Taiwan pilot concerns deposit tokens, while a separate Japanese banking project tested a trust-based yen stablecoin.

Source: TokenPost