ChainCatcher reported that Taiwan’s Financial Supervisory Commission (FSC) 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 registrations. Failure to comply could result in penalties, including up to two years in prison and fines of up to NT$5 million (about $153,700).
Overseas “virtual asset service providers” (VASPs) must set up a company or branch under Taiwan’s company law and complete required anti-money laundering registrations before they can conduct business in Taiwan, the FSC said in a statement on Wednesday. The regulator introduced the new rules after amending the law in July.