On July 16, Taiwan’s parliament revised its laws on anti-money laundering to require crypto providers to register for AML compliance. Non-compliance may result in serious punishments, including up to two years in prison or fines of up to NT$5 million (approximately $153,817).
According to local news sources, the updated legislation mandates that entities offering crypto services in Taiwan must complete AML procedures and register as virtual asset providers (VASPs).
The changes also extend to regulations for domestic and foreign currency dealers, as well as special crimes involving money laundering. The regulations specifically address money laundering through virtual asset and third-party payment accounts.
Providers who fail to comply with these categories could face jail time between 6 months to 5 years and fines up to NT$50 million. In addition, overseas crypto platforms are now required to establish local entities and register for AML to avoid facing criminal charges.
