Taiwan Implements Stricter Measures to Fight Money Laundering with Crypto
The Taiwanese government has implemented strict measures to combat money laundering in relation to digital assets, including a range of prison sentences and fines for individuals and organizations involved in such activities.
These include the Fraud Prevention and Control Act, Law on preventing and combating money laundering, Technology Investigation and Protection Act, and Communications Protection and Surveillance Act.
As part of these measures, local and foreign Virtual Asset Service Providers (VASPs) must obtain an AML registration. Failure to comply with this requirement can result in a prison sentence of up to two years for the leadership of the organizations involved.
Additionally, individuals who use virtual asset accounts or third party payment accounts for money laundering face penalties of six months to five years in prison and a fine of up to TWD 50 million ($1.54 million).
The Financial Supervisory Commission (FSC) will be responsible for overseeing and enforcing these regulations. So far, 25 local trading platforms have submitted applications to comply with these requirements.
