According to Odaily Planet Daily, Taiwan's Financial Supervisory Commission announced that it has developed a draft of the Anti-Money Laundering Registration Regulations for Businesses or Personnel Providing Virtual Asset Services (VASP Registration Regulations), and has also revised the Anti-Money Laundering and Combating Terrorism Financing Regulations for Virtual Currency Platforms and Trading Businesses (VASP Anti-Money Laundering Regulations).
Huang Houming, deputy director of the Securities and Futures Bureau of the Financial Supervisory Commission, said that the draft registration method is expected to be completed before the end of the year, and operators must complete the registration within 9 months. Violators may be sentenced to a maximum of 2 years in prison or a fine of less than 5 million yuan.
Currently, the Taiwan Virtual Asset Association has 24 members, 2 of which are in the process of applying, and 26 have completed the anti-money laundering registration. The Anti-Money Laundering Act adds VASP registration, definition, and criminal liability to illegal operators, and adopts differentiated management in the sub-laws, which will be completed by the end of the year.
