Taiwan Introduces Tough AML Rules: Crypto Firms Must Register Locally

Taiwan enforces AML rules for VASPs, mandating strict registration by November 30. New AML measures aim to curb illicit crypto activities and enhance market transparency. Non-compliance with Taiwan’s AML laws risks criminal charges and up to two years’ jail. Taiwan has implemented stringent anti-money laundering (AML) regulations for virtual asset service providers (VASPs), effective November 30, 2024. This change builds on Article 6 of the Money Laundering Prevention Law, which was initially enacted in 2013, and demonstrates Taiwan’s increased focus on the cryptocurrency sector. The rules require all VASPs operating within Taiwan, including those established overseas, to complete AML registration with the central industry authority. Non-compliant companies may face severe penalties, including criminal charges and potential imprisonment for up to two years. Mandatory Registration and Operational Restrictions Enterprises or individuals offering virtual asset services in Taiwan must now follow the newly established VASP Registration Measures. These measures outline the registration process and the required documentation for compliance. Furthermore, c… The post Taiwan Introduces Tough AML Rules: Crypto Firms Must Register Locally appeared first on Coin Edition .

Source: Coin Edition