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Taiwan to Enforce Stricter Crypto AML Rules on November 30, Fines Up to $153,700 and Imprisonment up to 2 Years

Nov 29, 2024, 05:48 AM

Taiwan is set to enforce stricter anti-money laundering (AML) regulations for cryptocurrency platforms starting November 30, 2024. The Financial Supervisory Commission (FSC) has fast-tracked these new rules to enhance compliance and prevent fraud. Under the new regulations, virtual asset service providers (VASPs) must register according to local laws and adhere to stringent reporting requirements. Violations of these regulations could result in fines of up to $153,700 and potential imprisonment for up to two years. This move reflects Taiwan's commitment to strengthening its regulatory framework for the growing cryptocurrency sector.