FSC issues draft to amend VASP transfer rules: transfers over 30,000 require date of birth and residential address; transfers under 30,000 only require knowing the name and wallet

The “real-name traceability” rules for encrypted transfers in Taiwan need to be further upgraded. On August 13, the Financial Supervisory Commission (FSC) published a draft amendment to the “Regulations Governing Anti-Money Laundering and Counter-Terrorism Financing for Enterprises or Individuals Providing Virtual Asset Services,” specifically Articles 7, 14, and 18. The core focus is to spell out in greater detail the “travel rule / remittance (transfer) rule” for transferring virtual assets, aligning with the 16th recommendation after the FATF (Financial Action Task Force)’s revisions made in June this year. The consultation period runs until September 14, during which stakeholders may submit comments to the FSC.
With 30,000 NTD as the dividing line: small amounts leave the name and wallet; large amounts must include identity information
In the amended Article 7, the information that the virtual asset service provider (VASP) of the sending party must collect is divided into two tiers. When the value of a single transfer does not exceed NT$30,000, it is only necessary to obtain the sending party’s and receiving party’s name(s) and the wallet information of both the sending and receiving sides.
Once the value transferred exceeds NT$30,000, more complete identity information must be added: if the sender is a natural person, the sender must provide date of birth and the address of their residence; if the sender is a legal entity, the sender must provide its official identification number and the address of its establishment registration. If the recipient is a natural person, the recipient must provide the country and city name of their residence; if the recipient is a legal entity, the recipient must provide the official identification number and the country and city name of its establishment registration. If a VASP cannot obtain and transmit this information in accordance with the requirements, it may not execute the transfer in question.
Related report: Taiwan Virtual Asset Travel Rule takes effect in October—For cryptocurrency transfers over NT$30,000, the sender must provide date of birth and residential address!
A new “receiving party verification obligation” has been added; information must be provided swiftly.
This round also strengthens the responsibilities on the receiving side. Drawing on the interpretation notes for FATF Recommendation 16, the draft adds that when the value transferred exceeds NT$30,000, the receiving VASP should, using the information it holds, verify the recipient’s name or name of the entity and wallet information provided by the sending party.
If anomalies are found during the verification process, the provider must have risk-based policies and procedures to determine when to execute, refuse, or temporarily suspend transfers, and conduct appropriate follow-up monitoring. Related information must also be retained as required; when requested by competent authorities, it must be ensured that it can be delivered promptly.
The timetable is set by the association and submitted to the FSC for approval
The draft does not explicitly lock in the implementation dates for the detailed aspects of the travel rules all at once. Considering the need for a build-out period for information transmission mechanisms, standardization of message formats, and cross-border system integration, the amended provisions add a new authorization: the scope and timeline for Articles 7, Paragraphs 1 to 3 will be determined by the Taiwan Association of Virtual Currency Businesses, and submitted to the FSC for approval, to preserve flexibility for practical operations. Article 14 only adjusts wording in accordance with Article 7, and Article 18 further adds that the amended provisions will take effect on the date of promulgation.
Overall, this round of amendments continues Taiwan’s direction since its third reading on June (the Virtual Asset Services Act), accelerating alignment with international supervisory standards. To learn the full picture of Taiwan’s VASP supervision, you can refer to Chain News’ complete guide to Taiwan’s Virtual Asset Services Act. It’s worth reminding that this is still only a draft for public comment; the final provisions and the actual implementation schedule will still be subject to the FSC’s subsequent official release.
Related report: A quick guide to the third-reading version of the Virtual Asset Services Act—4 key points in one look: stablecoins, licenses, penalties
This article is reprinted with authorization from: (Chain News)
Original title: (FSC Draft: VASP Travel Rules—Transfers exceeding NT$30,000 require identity information)
Original author: Elponcrab
‘Financial Supervisory Commission issues draft amendment to VASP remittance rules: transfers over NT$30,000 require date of birth and residential address; under NT$30,000 only require knowing the name and wallet’ — this article was first published on ‘Crypto City’.