Taipei, November 30, 2024 — Taiwan has expedited the implementation of its Anti-Money Laundering (AML) framework for cryptocurrency businesses, moving the start date from January 1, 2025, to November 30, 2024. This new regulation mandates Virtual Asset Service Providers (VASPs) to register with the government by September 2025 to avoid penalties.
Failure to register could result in up to two years in prison or fines reaching 5 million NTD (approximately $155,000). The Financial Supervisory Commission (FSC) will closely monitor the listing and delisting of digital assets, requiring firms to report suspicious trading activities.
Additionally, registered providers must conduct annual risk assessments and separate customer assets from their own. Recent actions include fines imposed on local exchanges MaiCoin and BitoPro for AML guideline violations.
In tandem with these regulatory updates, Taiwan's Ministry of Finance is reviewing its tax framework for cryptocurrencies to effectively address tax evasion, acknowledging existing challenges in collecting taxes on digital asset gains.