Taiwan’s FSC issues new Anti-Money Laundering rules, replacing previous regulations and requiring full compliance from Virtual Asset Service Providers (VASPs).
By 2025, all local virtual asset service providers (VASPs) will need to abide by new Anti-Money Laundering (AML) legislation that was adopted by the Financial Supervisory Commission (FSC) of Taiwan.
October 2 saw the FSC issue revised AML measures in response to prior changes suggested by the banking watchdog. Since March, Taiwan has anticipated the introduction of new rules about cryptocurrency.
According to the new rules, cryptocurrency companies must register with the government by September 2025 to avoid penalties that could include up to a $55,900 fine or a two-year prison sentence.
The laws will replace the current Taiwanese VASP system on January 1 January 1, 2025. Companies must adhere to the new guidelines and register under the new process, even if they have already finished the previous AML compliance steps.
To prevent reapplying under different standards, the FSC encouraged VASPs to wait until the new registration system is deployed before submitting their paperwork.
As part of the new compliance requirements, VASPs must also create a risk assessment report and submit it annually to the appropriate government agency.
A draft of the proposed regulations about cryptocurrency is expected by the end of 2024, and the FSC is expected to submit a fresh proposal by June 2025.
Apart from the recently implemented AML legislation, the Taiwanese government has increased its engagement in the cryptocurrency industry.
The FSC allowed qualified local investors to access the digital asset ETF market on September 30 and September 30.
This action aligns with such initiatives in Singapore and Hong Kong and attempts to increase Taiwan’s competitiveness in the financial market.
According to a research report from HTX Ventures, the trend of crypto companies departing the United States could be halted,…
Metaplanet Inc., a Japanese investment firm, has been admitted to the CoinShares Blockchain Global Equity Index (BLOCK Index). Prominent publicly…
The central bank's CBDC pilot, which is rapidly expanding, has attracted the participation of numerous prominent South Korean banks and…
After first going to a Mt.Gox cold wallet, most of that stash—nearly 30,400 bitcoin BTC—was sent to "1FG2C…Rveoy," and 2,000…
Major banking firms launched the Global Dollar Network, a regulated platform designed to accelerate stablecoin adoption worldwide. Crypto and traditional…
Rune Christensen, co-founder of Sky (formerly MakerDAO), proposes a strictly deflationary model to stop token emissions, in line with MakerDAO’s…