(Approval System)
No entity other than an issuer is allowed to issue electronic stored value cards or sign up contracted merchants.
The regulations governing the security strength level, security requirements design, protection measures and relevant matters of electronic stored value cards issued in accordance with this Act shall be prescribed by the Competent Authority.

(Scope of Business)
An issuer may conduct the following businesses after obtaining the approval of the Competent Authority:
1. issuing electronic stored value cards;
2. Signing up contracted merchants; and
3. Other businesses as approved by the Competent Authority.
Where any of the businesses mentioned in the preceding paragraph involves foreign exchange, the issuer shall obtain the permission of the Central Bank of the ROC and conduct the business in compliance with the rules and instructions of the Central Bank of the ROC.
Unless with the approval of the Competent Authority, an issuer may not change all or part of the businesses mentioned in the preceding paragraph.
An issuer may outsource part of its businesses to or issue electronic stored value cards with a third party capable of providing relevant functions.

Issuers that issue registered stored value cards meeting certain criteria may, according to the instruction of a cardholder, transfer funds stored in the cardholder's registered electronic stored value card into his/her electronic payment account.
The Competent Authority may limit the amount of fund transfer under the preceding paragraph, and the limits shall be prescribed by the Competent Authority.
The certain criteria mentioned in Paragraph 1 hereof shall be prescribed by the Competent Authority.
The funds transferred according to Paragraph 1 hereof shall be deemed as "other fees as approved by the Competent Authority" mentioned in Subparagraphs 4 and 5 of Article 3 and Subparagraph 1, Paragraph 2 of Article 19 herein.

(Financial Technology Development and Innovative Experimentation)
To facilitate the development of financial inclusion and financial technology, the innovative experiment of electronic stored value cards business may be applied, but not limited to electronic stored value cards issuers, for pursuant to Financial Technology Development and Innovative Experimentation Act.
The foregoing innovative experiments may be exempt from the requirements of the Act within the period and scope approved by the competent authority.
The competent authority shall make reference to the status of the innovative experiments specified in Paragraph 1, and review the appropriateness of the Act and relevant financial laws.

(Capital)
The minimum paid-in capital of an issuer shall be NT$300 million. The Competent Authority may adjust the minimum paid-in capital requirement in view of the social-economic circumstances and actual needs.
The above minimum paid-in capital shall be subscribed in full by the promoters at the time of incorporation.

(Application for Establishment)
An issuer must be organized as a company limited by shares and specialize in the business of electronic stored value cards, unless it is otherwise provided in this Act or the issuer is approved by the Competent Authority to engage concurrently in the electronic payment business pursuant to the Act Governing Electronic Payment Institutions.
For an institution to specialize in the electronic stored value card business, its promoters or responsible persons shall submit two copies of the following documents to the Competent Authority for approval:
1. Application form;
2. The roster of the promoters or shareholders and directors and supervisors, and evidential documents;
3. The minutes of the promoters' meeting or board of directors' meeting;
4. An explanation of the source of the promoters' funds;
5. The articles of incorporation;
6. A business plan describing the scope of business, principles and direction of business operations and actual implementation methods, market prospects and risk/benefit analysis;
7. Personal information of the designated or the appointed general manager;
8. Internal business guidelines and business procedures;
9. Agreements or specimens between relevant parties involved in the electronic stored value card business regarding their respective rights and obligations;
10. Value adding mechanism of the electronic stored value card;
11. Clearing and settlement mechanism of electronic stored value card transactions;
12. Trust agreement signed with a trust enterprise or a specimen therefor; full performance guarantee agreement signed with a bank or a specimen therefor; and
13. Other documents as required by the Competent Authority.
The internal business guidelines mentioned in Subparagraph 8 of the preceding paragraph shall contain the following items:
1. Organization structure and responsibilities of departments;
2. Personnel allocation, management and training;
3. Internal control systems and internal audit systems;
4. Accounting systems;
5. Business principles and policies;
6. Consumer dispute handling procedure;
7. Operational manual and division of responsibilities; and
8. Other items as required by the Competent Authority.

(Approval Denied)
Where the application for establishment or business approval submitted by an issuer has any of the following situations, the Competent Authority may reject such application:
1. The planned minimum paid-in capital does not conform to the provision set forth in Article 6 herein.
2. The application documents contain false or untruthful information.
3. The issuer fails to complete corrective actions required by the Competent Authority within the period of time specified by the Competent Authority.
4. The proposed business plan lacks specifics or is not feasible.
5. There is likelihood that the applicant lacks the professional expertise for effective management of the business, or otherwise deemed necessary for the protection of public interest.

(Issuance of Business License, Commencement of Business, and Issuance of New Business License)
An issuer shall, within six (6) months after obtaining the approval of the Competent Authority, submit the following documents to the Competent Authority to apply for issuance of business license:
1. Application for business license;
2. Documents evidencing registration of incorporation;
3. Accountant's audit report certifying that the capital has been paid in full;
4. Roster of shareholders;
5. Roster of directors and minutes of the board of directors' meeting; roster of managing directors and minutes of managing directors' meeting, if applicable;
6. Roster of supervisors and the minutes of supervisors' meeting; and
7. Other documents as required by the Competent Authority.
The time limit referred to in the preceding paragraph may be extended once;provided the issuer has justified reasons and submits an application for extension prior to the expiration of the time limit, and that such extension may not exceed three (3) months. The Competent Authority may repeal the approval of establishment if the application for extension is denied.
An issuer shall commence business operation no later than six (6) months after being granted the business license.
Where an issuer wishes to amend its business license, it shall apply for the approval of Competent Authority and for the issuance of a new business license.

(Extension of Time for Commencement of Business)
If it is found after an issuer has obtained a business license that its application for business license contains false information of serious nature, or the issuer fails to commence business operations within the time prescribed, the Competent Authority may revoke or repeal the approval for establishment or business, order the issuer to turn in its business license within a specified period of time, and notify the Ministry of Economic Affairs. However, the time limit for commencing business operations may be extended if justified reasons exist; provided, that such extension may not exceed six (6) months and is limited to once.

(Standard Contract for Electronic Stored Value Card)
The terms and conditions of the standard contract prepared by an issuer for its electronic stored value card shall comply with the Mandatory and Prohibitory Provisions To Be Included In Standard Contracts announced by the Competent Authority. The protections for consumer rights and interests provided in the standard contract shall not be less than those contained in standard contract specimen for electronic stored value card published by the Competent Authority.

(Required Content of Contract with Contracted Institution)
The contract entered between an issuer and a contracted merchant shall contain at least the following particulars:
1. Name and address of parties to the contract;
2. Method for automatic deduction of the electronic stored value card;
3. Installation of automatic deduction machine for electronic stored value card and sharing of cost;
4. Daily fixed-hour settlement of deductions made;
5. Method for fund transfer and charge of service fees;
6. Causes for change, rescission and termination of contract;
7. Date of contract signing; and
8. Other items as required by the Competent Authority.

(Cap of Stored Value)
The stored value in the electronic stored value card under this Act shall not exceed NT$10,000.
The maximum stored value in electronic stored value cards mentioned in the preceding paragraph may be adjusted by the order of the Competent Authority in view of the economic circumstances.

(Method of Transaction and Method of Storing Monetary Value)
Transactions on the electronic stored value cards issued by an issuer may be on-line transactions or off-line transactions.
The manner by which monetary value is stored on an electronic stored value card may be reloadable or non-reloadable.

(Reporting Commencement of Card Issuance)
An issuer shall file a report with the Competent Authority within five (5) business days after it has started to issue electronic stored value cards.

(Cross-Border Issuance or Joint Issuance)
An issuer may not issue international electronic stored value cards, or cooperate with a foreign institution in the issue of electronic stored value cards unless with approval from the Competent Authority.
Regulations governing the review criteria, business management, operating mode, reporting of material financial, business and operational information and other matters to be complied with for issuers that are approved to issue international electronic stored value cards or cooperate with a foreign institution in the issue of electronic stored value cards as mentioned in the preceding paragraph shall be prescribed by the Competent Authority in consultation with the Central Bank of the ROC.