Taiwan’s Financial Supervisory Commission (FSC) has moved up the implementation date for its crypto anti-money laundering (AML) regulations, with the new laws taking effect on November 30, a month earlier than initially planned. The FSC’s move aims to strengthen fraud prevention measures by requiring crypto service providers, such as exchanges, to complete AML compliance registration.
Non-compliance may result in severe penalties, including imprisonment for up to two years and fines of up to NT$5 million. Overseas virtual asset service providers (VASPs) must establish a company or branch office under Taiwan’s Company Act and complete the required AML registration to operate within the country.
The new regulations also aim to address various issues, including custody of fiat currency, information security, customer complaint handling procedures, record-keeping, and information disclosure. The FSC’s recent actions, including fines totaling NT$1.5 million for two crypto exchanges for AML violations, further emphasize the importance of compliance with these regulations.
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