Taiwan's financial regulator, the Financial Supervisory Commission (FSC), has proposed new anti-money laundering regulations.
These regulations require crypto companies, known as virtual asset service providers (VASPs), to register by September 2025. Failure to comply can lead to penalties of up to two years in prison.
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The FSC announced on Wednesday the draft of these regulations, which specifically target virtual asset service providers and require them to complete the registration process to comply with anti-money laundering legislation. The new regulations will replace the current ones, which were introduced back in July 2021.
The FSC emphasized that all virtual asset service providers, regardless of whether they have completed previous compliance declarations, must follow the new rules and complete the registration process.