Taiwan Launches New AML Legislation Affecting Crypto Companies

In an effort to combat the issue of money laundering, the Financial Supervisory Commission (FSC) in Taiwan has implemented new regulations for local virtual asset service providers (VASPs).

These regulations, which were proposed by the FSC earlier and released on Oct. 2, are expected to be fully implemented by 2025.

Under the updated AML measures, all crypto firms in Taiwan must register with the government by September 2025 or face severe penalties, including imprisonment and significant fines.

The new regulations will replace the current system for Taiwanese VASPs starting Jan. 1, 2025.

Even if a company has already completed previous AML compliance measures, they are still required to adhere to the new standards and go through the registration process.