Taiwan regulator to impose prison terms for violating crypto company registration rules ❗️
Taiwan's Financial Supervisory Commission has developed new anti-money laundering rules that require crypto companies to register with the agency by October 2025. Violating the rule will result in penalties in the form of fines or imprisonment for up to two years.
Currently, Taiwan requires virtual asset service providers (VASPs) to comply with AML regulations introduced by the FSC in July 2021. However, these will soon be replaced by new rules. The regulator clarifies that registration must be completed regardless of whether the crypto company has filed a declaration of compliance with the old rules.
The new rules will come into effect on January 1, 2025, and VASPs must complete registration by September 30. Otherwise, executives face a fine of up to NT$5 million ($155,900) or jail time. The new rules raise barriers to entry and operation, but also provide stronger legal protection for the country's crypto sector, making it more attractive to foreign investors. $BNB
