The Taiwan Financial Supervisory Commission (FSC) has introduced new Anti-Money Laundering (AML) regulations that all local virtual asset service providers (VASPs) must comply with by 2025.

The new regulations require all crypto firms to register with the government by September 2025, or face up to two years in prison or a fine of 5 million New Taiwan dollars ($155,900).

These regulations will come into effect on January 1, 2025, and will change the current system. VASPs will also be required to prepare and submit a risk assessment report to the relevant government agency every year.

The FSC has reached out to local law firms for additional information on the new AML laws.

What do you think of these new regulations? Share them in the comments!