Taiwan Imposes Registration Requirement for Crypto Companies

The Taiwanese parliament voted on July 16 in favor of revisions to its anti-money laundering laws. These revisions mandate that all crypto providers in the country must comply with AML regulations and register for anti-money laundering compliance.

Failure to comply can result in severe penalties, including imprisonment for up to two years or fines of up to NT$5 million (approximately $153,817).

According to a local news source, the updated legislation requires all entities that offer crypto services in Taiwan to complete their AML checks and fully register as virtual asset providers (VASPs).

The new regulations also cover regulations for domestic and foreign currency dealers, as well as specific money laundering offenses.

The revisions have outlined specific categories for money laundering that involve virtual asset accounts and third-party payment accounts.

Any crypto service provider found to be in violation of these categories could face prison sentences ranging from six months to five years and fines of up to NT$50 million.