According to Foresight News, Taiwan's administrative authorities have approved new regulations to control cryptocurrency businesses. The new laws require businesses or individuals providing virtual asset services or third-party payment services to comply with anti-money laundering measures and register their service capabilities. Failure to do so could result in a sentence of up to two years or a fine of up to 5 million New Taiwan dollars.
In addition, businesses or individuals outside Taiwan who provide virtual asset services or third-party payment services must also comply with the company law and register their company or branch. They must also comply with anti-money laundering measures and register their service capabilities. If they fail to do so, they will not be allowed to provide virtual asset services or third-party payment services in Taiwan.
The Deputy Commissioner of Taiwan's financial regulatory agency, Chiu Shu-Chen, stated that there are currently about 60 to 70 cryptocurrency businesses in the virtual currency market. Of these, 25 have passed the financial regulatory agency's anti-money laundering law review. In the future, all cryptocurrency businesses will be required to declare and review. With the imminent establishment of a cryptocurrency business association, the management of cryptocurrency businesses will have legal, administrative, and association management levels. They will also seek the assistance of accountants for internal control.