Taiwan wants to revise its anti-money laundering regulations to combat fraud and strengthen AML measures for virtual asset service providers (VASPs).
The Ministry of Justice has proposed changes that could carry up to two years in jail and fines of up to $1.5 million for companies that violate the regulations.
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The amended regulations consist of four main components: fraud prevention, anti-money laundering, technology research and security, and communications security and monitoring.
One significant change is the inclusion of a new law specifically targeting virtual asset service providers. From now on, virtual asset service providers that fail to comply with the regulations will face harsher penalties.