PANews reported on November 29 that according to The Block, Taiwan's Financial Supervisory Commission will implement new anti-money laundering (AML) rules on November 30, a month earlier than originally planned, as regulators accelerate anti-fraud efforts. The new rules require crypto service providers, such as crypto exchanges, to complete anti-money laundering compliance registration. Failure to comply may result in penalties, including up to two years in prison and fines of up to NT$5 million (about NT$153,700).
In addition, Taiwan's Financial Supervisory Commission said in a statement on Wednesday that "virtual asset service providers" (VASPs) outside Taiwan must establish a company or branch in accordance with the region's (Company Law) and complete the required anti-money laundering registration before they can conduct business in Taiwan.