Taiwan’s Financial Supervisory Commission (FSC) will implement new anti-money laundering (AML) rules on November 30, a month earlier than initially planned, as the regulator accelerates its anti-fraud efforts, CoinVoice has learned.
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).
The FSC said in a statement on Wednesday that overseas "virtual asset service providers" (VASPs) must set up a company or branch under Taiwan's company law and complete the required anti-money laundering registration before they can conduct business in Taiwan. The regulator introduced these new regulations after amending the law in July. [Original link]
