According to CoinMeta, Peng Jinlong, the head of the financial regulatory agency in Taiwan, China, stated that the Virtual Asset Service Providers Act was passed on June 30 of this year. The financial regulatory agency is formulating nine sub-laws that cover stablecoin regulations, with implementation expected to occur as early as next year's first quarter. With the increasing demand for cross-border payments in the semiconductor supply chain, trade financing, and capital allocation, stablecoins, blockchain, and fintech are seen as new types of infrastructure to support cross-border capital flows.