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Taiwan has rolled out new Anti-Money Laundering (AML) regulations for the crypto industry. By 2025, all crypto service providers in the country will need to comply with these updated rules.
What Crypto Firms Need to Know
From January 2025, all virtual asset service providers (VASPs) in Taiwan must follow stricter regulations. They have until September 2025 to register with the government or risk facing hefty fines—up to 5 million New Taiwan dollars ($155,900)—or even prison time.
Even if a company has already complied with the old AML laws, they’ll still need to meet these new requirements. Additionally, every year, they must submit a risk assessment report to the government.
What’s Next for Crypto Regulation?
The FSC plans to introduce a new set of crypto-related laws by mid-2025. A draft proposal should be ready by the end of 2024, and companies are advised to hold off on filing until the new system is in place.
Taiwan Strengthens Crypto Presence
Taiwan is also expanding its involvement in the crypto sector. At the end of September, the FSC opened up the digital asset exchange-traded fund (ETF) market to local professional investors, aiming to enhance Taiwan’s financial market, following similar moves by Hong Kong and Singapore.
