Taiwan has expedited the implementation of its regulatory Anti-Money Laundering (AML) framework for cryptocurrency businesses. The new rules, which will now come into effect a month earlier, mandate Virtual Asset Service Providers (VASPs) to register to avoid facing harsher penalties. The Financial Supervisory Commission (FSC) of Taiwan has moved up the deadline for crypto AML registration from January 1, 2025, to November 30, 2024. These regulations will enforce stricter AML measures for VASPs, requiring all crypto firms to complete registration with the Taiwanese government by September 2025. Failure to register could result in a two-year prison term or fines up to $155,000. The new rules also include monitoring of digital asset listings, client asset reporting, and measures against illicit trading. Taiwan aims to update its regulatory framework to combat crypto tax evasion, with plans to review tax regulations within three months to improve tax collection on cryptocurrency gains. Read more AI-generated news on: https://app.chaingpt.org/news