Taiwan accelerates its crypto AML mandate, imposing stricter registration rules and hefty penalties for noncompliance.
Taiwan has advanced the introduction of its new Anti-Money Laundering (AML) regulations for cryptocurrency businesses after authorities fined two crypto exchanges for related violations.
On Nov. 27, the Financial Supervisory Commission (FSC) announced that the upcoming money laundering prevention registration mandate for crypto exchanges was shifted to Nov. 30 from the previous Jan. 1, 2025 deadline.
Per the previous notice, virtual asset service providers (VASPs) failing to register with the government could be subject to a two-year prison sentence or fines of as much as 5 million New Taiwan dollars ($155,900).
