Taiwan is expected to complete the draft VASP registration regulations by the end of the year. Violators may be sentenced to up to 2 years in prison or a fine of up to NT$5 million.

Taiwan's Financial Supervisory Commission announced that it has developed a draft of the Anti-Money Laundering Registration Measures for Businesses or Personnel Providing Virtual Asset Services (VASP Registration Measures), and in conjunction with the amendment of the Anti-Money Laundering and Anti-Terrorism Measures for Virtual Currency Platforms and Trading Businesses (VASP Anti-Money Laundering Measures), Huang Houming, deputy director of the Securities and Futures Bureau of the Financial Supervisory Commission, said today that the draft registration measures are expected to be completed by the end of the year, and businesses must complete the registration within 9 months. Violators may be sentenced to a maximum of 2 years in prison or a fine of less than 5 million. It is reported that the Taiwan Virtual Asset Association currently has 24 members, 2 of which are in the process of applying, and 26 have completed the Anti-Money Laundering Registration. As for the Anti-Money Laundering Act, the addition of the VASP registration system, definition, and the imposition of criminal liability on illegal businesses, etc., the differentiated management of the sub-laws will be completed by the end of the year. (Yahoo Finance)