**Taiwan Tightens Crypto Regulations with New AML Measures**
Taiwan's Financial Supervisory Commission (FSC) has rolled out stringent Anti-Money Laundering (AML) regulations for local virtual asset service providers (VASPs), effective January 1, 2025.
Key Points:
- All crypto firms must register with the government by September 2025.
- Non-compliance could result in penalties, including up to two years in prison or fines up to 5 million New Taiwan dollars ($155,900).
- Even firms compliant with previous AML standards must adhere to the new rules.
- VASPs are required to submit annual risk assessment reports.
The FSC will propose new crypto-related laws by June 2025, with a draft expected by the end of this year. This move aligns with Taiwan's broader efforts to enhance its financial market, including opening the digital asset ETF market to local professional investors.