Taiwan Tightens Crypto Regulations: VASPs Face AML Compliance

full version at coinedition

Legislative Yuan passed amendments in the country’s AML law to include crypto.
The exchanges in the region will now have to implement an AML system.
Fines up to $153K will be levied if crypto firms fail to follow the AML policies.

Taiwan’s highest legislative body, the Legislative Yuan, has officially passed a law amending the country’s Anti-Money Laundering (AML) legislation to include digital assets. The law now requires virtual asset service providers (VASPs) in the region to adhere to AML policies.

According to reports, firms seeking to offer virtual asset services or third-party payment services in Taiwan must establish an AML system and report their capacity. Additionally, those who fail to comply with the amended rules face hefty fines.

Non-compliance with the new laws could result in prison sentences of up to two years and fines up to 5 million New Taiwan Dollars ($153,000). The Legislative Yuan states that the new laws aim to “strengthen fraud prevention operations, combat fraud rings, and protect victims, with fraud prevention measures in the financial, telecommunications, and digital economy areas.”

Virtual asset service providers will also…

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