Taiwan Tightens Regulations On Cryptocurrency Businesses

According to Foresight News, Taiwan's administrative authorities have approved new regulations to control cryptocurrency businesses. The new laws require businesses or individuals providing virtual asset services or third-party payment services to comply with anti-money laundering measures and register their service capabilities. Failure to do so could result in a sentence of up to two years or a fine of up to 5 million New Taiwan dollars. In addition, businesses or individuals outside Taiwan who provide virtual asset services or third-party payment services must also comply with the company law and register their company or branch. They must also comply with anti-money laundering measures and register their service capabilities. If they fail to do so, they will not be allowed to provide virtual asset services or third-party payment services in Taiwan. The Deputy Commissioner of Taiwan's financial regulatory agency, Chiu Shu-Chen, stated that there are currently about 60 to 70 cryptocurrency businesses in the virtual currency market. Of these, 25 have passed the financial regulatory agency's anti-money laundering law review. In the future, all cryptocurrency businesses will be required to declare and review. With the imminent establishment of a cryptocurrency business association, the management of cryptocurrency businesses will have legal, administrative, and association management levels. They will also seek the assistance of accountants for internal control.