Leaders of crypto companies operating without a license in Taiwan may face up to two years in prison. All local and foreign virtual asset service providers are required to obtain an AML registration. According to the new requirements, using cryptocurrencies and third party payment accounts to launder funds will result in a penalty of six months to five years in prison and a fine of up to TWD 50 million ($1.54 million).
The audit will be carried out by Taiwan's Financial Supervisory Commission (FSC). Several dozen trading platforms have so far filed compliance statements.
Authorities warn that companies wishing to continue operating in the country must cooperate with the financial regulator and provide necessary information about clients in order to combat money laundering and counter terrorist financing. Earlier, Taiwan's Ministry of the Interior approved the creation of a crypto industry association. Local crypto companies will develop self-monitoring rules based on the recommendations of the financial regulator.
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