Taiwan FSC Drafts New AML Rules for Crypto Firms 🛡️💼

Taiwan's Financial Supervisory Commission (FSC) has introduced new anti-money laundering (AML) regulations targeting crypto firms.

The draft rules, set to take effect on Jan. 1, 2025, will require virtual asset service providers (VASPs) like exchanges and custodians to register and comply with stricter AML protocols.

These regulations follow amendments to the AML Act made in July 2024, marking a significant step in Taiwan's efforts to regulate the growing crypto industry.

VASPs must submit annual risk assessments and establish internal control and audit systems or face penalties for non-compliance. $BTC $ETH $DOGE