Taiwan’s Financial Supervisory Commission (FSC), Taiwan’s financial regulator, said two virtual asset service providers (VASPs) — TSG Digital Assets and Liminal Taiwan — have completed anti-money laundering (AML) registration, bringing the country’s total registered operators from 8 back to 10. The approvals are the first for new entrants since the Virtual Asset Service Act passed its third reading in late June. Under the FSC’s transition framework, all 10 operators will have 12 months after the Act takes effect to apply for permits and 21 months to obtain licenses. If subsidiary regulations are promulgated and implemented in the first quarter of next year, the operators may continue normal operations during the transition. TSG Digital Assets, operating as TSG EX, has NT$200 million in paid-in capital and applied to provide exchange, trading-platform, transfer and custody services. Liminal Taiwan, the Taiwanese subsidiary of Singapore-based custodian Liminal, has NT$60.5 million in paid-in capital and is qualified as a virtual asset custodian, with plans to work with Taiwanese banks. The entrants reflect a shift toward specialized roles as Taiwan develops traditional, digital and blockchain finance in parallel. The FSC’s Travel Rule, which requires information to accompany certain crypto transfers, is scheduled to begin in two phases in October, with cross-border transfers expected to be covered by the end of 2027. Local operators face higher cybersecurity and compliance costs, competition from unregistered offshore exchanges and the need to explain the difference between AML registration and future formal licensing. The article identifies local trust, user relationships and regulatory responsiveness as enduring advantages, while viewing cooperation between domestic operators and international infrastructure providers as a path toward ecosystem development.