The Ministry of Justice of Taiwan has announced that the country plans to make it a crime for cryptocurrency companies to not follow anti-money laundering regulations.
To ensure compliance, the ministry is proposing changes to the existing anti-money laundering laws that would require both domestic and overseas crypto companies looking to operate in Taiwan to register for AML compliance. Those who fail to do so may face up to two years in prison.
According to Deputy Minister of Justice Huang Mou-hsin, current measures only allow for administrative penalties for non-compliant crypto firms.
However, with the proposed amendments to the AML law, such actions would be considered criminal offenses and could result in a prison sentence.
Overseas crypto platforms will also be required to establish local entities and register for AML compliance, or they could face criminal consequences under the draft plan.
