Against the backdrop of tightening global liquidity, this new round of regulations in Taiwan directly raises the bar for the crypto industry to the ceiling—combining forced licensing, reserve fund requirements, and criminal penalties. It’s clear they mean to drive backstreet exchanges to the brink. Platforms that previously relied on arbitraging through gray areas now either have to burn money to become compliant or pack up and leave. Asia’s regulatory jigsaw puzzle adds yet another tough piece.