Taiwan’s regulator to introduce jail terms for violating crypto firm registration rules
Virtual asset service providers operating in the country must complete registration by October next year
03.10.2024 - 15:00
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What’s new? Taiwan’s Financial Supervisory Commission (FSC) has drafted new anti-money laundering (AML) rules that require crypto companies to complete registration with the agency by October 2025. Violation of the rule carries penalties of fines or imprisonment for up to two years.
What else is known? For now, Taiwan requires virtual asset service providers (VASPs) to comply with AML regulations introduced by the FSC in July 2021. However, these will soon be replaced by new regulations. The regulator specifies that registration must take place regardless of whether the crypto company has filled out a declaration of compliance with the old standards.
The new rules will take effect on January 1, 2025, and VASPs must complete registration by September 30. Otherwise, executives face fines of up to $5 million New Taiwan dollars ($155 900), or jail time.
According to Kevin Cheng, a lawyer and general secretary of the Taiwan Fintech Association, the new rules set higher barriers to entry and operations. They also provide stronger legal protections for the development of the crypto sector in the country, making it more attractive to foreign investors.
At the end of last month, the FSC allowed professional investors to trade shares of foreign exchange-traded cryptocurrency funds. It was noted that this would increase the competitiveness of the local market.
In April, Argentina introduced a requirement for crypto companies to register with the Securities Commission. It is also aimed at strengthening the fight against money laundering and involves the creation of a VASP registry.
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