Reported by SAVANNAH FORTIS

The Financial Supervisory Commission (FSC) of Taiwan introduced new Anti-Money Laundering (AML) regulations that all local virtual asset service providers (VASPs) must comply with by 2025.

On Oct. 2, the FSC released updated AML measures following earlier amendments proposed by the financial watchdog. Taiwan has been expected to roll out new crypto-related regulations since March. 

Cracking down on crypto

The new regulations require all crypto firms to register with the government by September 2025 or face penalties, including a two-year prison sentence or fines of as much as 5 million New Taiwan dollars ($155,900). 

Effective Jan. 1, 2025, the regulations will replace the current system for Taiwanese VASPs. Even if companies have completed the old AML compliance measures, they are still expected to meet the new standards and registration process. 

Read full report: https://cointelegraph.com/news/taiwan-s-new-aml-laws-put-crypto-firms-on-notice