Taiwan's Financial Supervisory Commission (FSC) will implement new anti-money laundering (AML) rules on November 30, a month earlier than initially planned, as the regulator accelerates its anti-fraud efforts.
The new rules require crypto service providers, such as crypto exchanges, to complete AML compliance registrations. Failure to comply could result in penalties, including up to two years in prison and fines of up to NT$5 million (about $153,700).
The FSC said in a statement on Wednesday that overseas "virtual asset service providers" (VASPs) must set up a company or branch under Taiwan's company law and complete the required AML registrations before they can do business in Taiwan. The regulator introduced these new regulations after amending the law in July. (The Block)