Taiwan’s Financial Supervisory Commission (FSC) has introduced new anti-money laundering (AML) regulations for virtual asset service providers (VASPs), set to take full effect by September 2025.
Crypto firms failing to comply by the deadline could face penalties, including fines of up to NT$5 million ($155,900) or a potential two-year prison sentence.
The updated AML regulations, announced on October 3, 2024, require all crypto firms to complete compliance registration by September 2025. The rules, which replace earlier AML measures from July, impose stricter requirements on management qualifications and emphasize secure financial transactions and customer asset protection.
Additionally, VASPs must submit annual risk assessment reports to ensure ongoing adherence to Taiwan’s financial security standards.
The FSC advised crypto firms to wait until the new system is fully implemented in January 2025 before submitting registration documents to avoid multiple filings. A broader proposal for digital asset regulation is expected by June 2025, with a draft bill likely to be completed by the end of 2024, shaping Taiwan’s future legal framework for the crypto industry.
This move builds on earlier regulatory actions, with FSC Chairman Huang Tien-mu pledging in March 2024 to introduce stricter regulations aimed at investor protection and market stability.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
