Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
Taiwan’s Financial Supervisory Commission (FSC) introduced new anti-money laundering (AML) regulations for virtual asset service providers (VASPs) in October 3, 2024, requiring full compliance by September 2025.
Crypto firms that fail to meet this deadline could face penalties, including fines of up to 5 million New Taiwan dollars (approximately $155,900) or a potential two-year prison sentence.
A recent FSC press release confirmed that the amended AML regulations mandate all crypto firms to complete their compliance registration by the September 2025 deadline.
Taiwan’s Financial Supervisory Commission has proposed new anti-money laundering regulations for crypto firms, requiring VASPs to register by Sept 2025.
Non-compliance could lead to penalties, including up to 2 years in prison and fines of NT$5M ($155.9K). pic.twitter.com/tyTruorl7d
Taiwan previously tightened its AML regulations for VASPs in July, but the new rules will fully replace the current system on January 1, 2025.
The updated regulations set higher standards for management teams, requiring those in leadership positions to meet stricter qualifications.
These policies also place greater emphasis on ensuring companies secure financial transactions and protect customer assets.
Additionally, crypto firms will be required to submit annual risk assessment reports to ensure they continuously meet Taiwan’s financial security standards.
In an effort to ease the transition, the FSC has advised VASPs to wait until the new system is fully implemented before submitting their
Read more on cryptonews.com