Taiwan has expedited its new Anti-Money Laundering (AML) regulations for cryptocurrency businesses, now requiring compliance by Nov. 30, 2024, instead of the initial deadline of Jan. 1, 2025. The decision follows fines imposed by the Financial Supervisory Commission (FSC) on two exchanges, MaiCoin and BitoPro, for AML compliance violations. All virtual asset service providers (VASPs) must register with the government under the new guidelines, which include penalties up to 5 million New Taiwan dollars ($155,900) for noncompliance. Currently, 26 crypto providers are approved, but all must adhere to the new regulations. The FSC emphasized that no businesses have completed the necessary registration. Additionally, crypto providers are tasked with monitoring suspicious activities and transactions, requiring them to track attributes such as customer names, bank details, and transaction patterns. Furthermore, they must establish a quality management system for their financial operations to comply with the new AML regulations.

Source 🔗