Taiwan Tightens Crypto Regulations: AML Amendments Threaten Non-Compliant Providers with Jail Time and Fines – Impact on Bitcoin (BTC)

  • Taiwan’s Ministry of Justice proposes amendments to anti-money laundering (AML) laws, targeting non-compliant cryptocurrency service providers with fines and jail terms.
  • The proposed amendments include stricter registration requirements for domestic and international virtual asset service providers (VASPs) and harsher penalties for non-compliance.
  • These changes come as Taiwan takes steps towards crypto regulation and industry self-regulation, with the Financial Supervisory Commission planning to introduce new laws for digital assets by September 2024.

Taiwan’s Ministry of Justice proposes stricter AML regulations for cryptocurrency firms, potentially resulting in hefty fines and jail terms for non-compliance. The move is part of Taiwan’s broader efforts towards crypto regulation and industry self-regulation.

Taiwan Proposes Stricter AML Regulations for Cryptocurrency Firms

Taiwan’s Ministry of Justice has proposed amendments to the city’s existing AML laws, targeting both domestic and overseas cryptocurrency firms operating in Taiwan. The proposed amendments mandate these firms to register for AML compliance, with non-compliance potentially resulting in up to two years of imprisonment and fines reaching $1.5 million. The amendments include regulations targeting fraud prevention, money laundering prevention, technology investigation and security, and communications security and supervision.

Harsher Penalties for Non-Compliant VASPs

Under the proposed amendments, VASPs risk imprisonment if they provide services without proper registration. Additionally, a new legal category has been introduced addressing money laundering offenses related to third-party payment accounts and virtual asset accounts. Overseas crypto platforms must establish local entities and apply for AML registration to avoid criminal penalties. Offenders using cryptocurrency for money laundering could face prison terms ranging from six months to five years, alongside fines of up to NT$50 million ($1.5 million).

Taiwan’s Move Towards Crypto Regulation and Industry Self-Regulation

Taiwan initiated anti-money laundering rules for cryptocurrency service providers in July 2021 under the Financial Supervisory Commission. The latest proposal follows the announcement on March 4 that Taiwan’s Financial Supervisory Commission (FSC) had announced plans to introduce new laws for digital assets by September 2024. In parallel, Taiwan’s crypto sector is moving towards establishing an industry association, with key players such as BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito joining forces to strengthen the crypto industry and enhance cooperation with regulatory bodies.

Conclusion

The proposed amendments to Taiwan’s AML laws reflect the country’s commitment to regulate the crypto industry and mitigate risks associated with money laundering and fraud. The move towards stricter regulations and industry self-regulation signals a maturing crypto landscape in Taiwan, with potential implications for the global crypto market.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin (BTC) Marks Pizza Day Anniversary: A Look Back at the Iconic Crypto Purchase

On May 22, 2010, Laszlo Hanyecz's purchase of...

Pepe Coin (PEPE) Soars to Unprecedented Levels Amid ETF Rumors

Pepe, an Ethereum-based memecoin, has surged to an...

Binance to List 5 New Cryptocurrency Pairs Tomorrow: Explore the Latest Additions Including Top Coins and Their Symbols!

Binance, the world's largest cryptocurrency exchange, has announced...

Analysts Weigh In: Is Ethereum (ETH) Undervalued Compared to Bitcoin (BTC)? Insights Revealed

Analysts suggest that Ethereum ETFs, if approved, could...

Citi Hit with £61 Million Fine for Erroneous $189 Billion Algorithmic Order Involving Bitcoin (BTC)

Citi fined £61 million after $189 billion algo order...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Gold Slides from Peak: What’s Next for Investors? [Expert Analysis]

As global economic uncertainties persist, gold prices have...

Bitcoin (BTC) and Altcoin Market Update: Comprehensive Analysis for May 22

Bitcoin currently sees a 1.6% decrease, trading at...

Whale Investor Acquires Massive Stakes in WIF and GME Cryptocurrencies: Market Impact Analysis

In the dynamic world of cryptocurrencies, meme coins...

Bank Nifty (BANKNIFTY) Trading Begins Strong at ₹48,113.9: Live Market Updates and Analysis

```html Bank Nifty Share Price Live Updates: Bank Nifty...

BHEL Shares Tumble 8% Post-Q4 Earnings; Expert Analysis on Future Moves (BHEL: IN)

```html Bharat Heavy Electricals (BHEL) experienced...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin (BTC) Marks Pizza Day Anniversary: A Look Back at the Iconic Crypto Purchase

On May 22, 2010, Laszlo Hanyecz's purchase of two pizzas using 10,000 Bitcoins marked a significant milestone in cryptocurrency history. This transaction, valued...

Pepe Coin (PEPE) Soars to Unprecedented Levels Amid ETF Rumors

Pepe, an Ethereum-based memecoin, has surged to an all-time high following a 27% increase over the past 24 hours, fueled by speculations of...

Binance to List 5 New Cryptocurrency Pairs Tomorrow: Explore the Latest Additions Including Top Coins and Their Symbols!

Binance, the world's largest cryptocurrency exchange, has announced the listing of five new trading pairs. The new pairs include trading options for Arweave...