According to reddit, the new law has passed and will be implemented by the beginning of next year, according to HHR and NIA officials in Taipei.
https://www.reddit.com/r/taiwan/comments/14kb2we/comment/k1tem2q/
Some encouraging quotes from reddit:
About the required documents:
I saw mention on that reddit thread a (criminal) “background check” from one’s home country might still be needed under the new law. That background check doesn’t seem to be needed for those under 20. The reddit thread said: “It appears you may still need to at least qualify for residency (TARC requirements like health check, background check), but that wasn’t 100% clear yet.”