📢 Important news from the world of cryptocurrency! 📢

- Taiwan’s Financial Supervisory Commission (FSC) has unveiled new anti-money laundering regulations for virtual asset service providers (VASPs). The regulations will go into effect on January 1, 2025.

- The new requirements include mandatory VASP registration, annual risk assessment reports, and the establishment of internal control and audit systems.

- Failure to comply could result in fines of up to NT$5 million (approximately $156,140) and even prison terms of up to two years.

- The FSC is also drafting a special law for virtual assets, which will include additional capital and personnel qualification requirements. The draft is expected to be ready by the end of December 2024.

- Taiwan continues to integrate with global digital asset markets by allowing professional investors to access foreign crypto ETFs through local brokers.

💬 What do you think of the new regulations? Share your opinion in the comments! 💬