Taiwan's parliament has recently passed amendments to its anti-money laundering laws that will now require all cryptocurrency companies to register to comply with regulations and will also criminalize unqualified crypto service providers.
The amendments were approved on Tuesday in third reading, according to the semi-official Central News Agency.
Once implemented, any company or individual offering crypto services in Taiwan will be required to complete anti-money laundering procedures and register their services.
Otherwise, they could face a two-year prison sentence or a fine of $153,800.
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The new rules also state that foreign crypto platforms must establish local entities and apply for anti-money laundering registration or face criminal consequences.