Taiwan's financial regulator plans to implement a "registration regulation" that will establish new rules for listing and record-keeping of crypto assets in January 2025, The Block has reported.
The move is intended to increase compliance among "virtual asset service providers," which will be required to complete registration under the new rules.
Failure to comply can carry criminal penalties of up to two years' imprisonment. The new criteria will replace the current anti-money laundering laws, which were introduced back in July 2021.
The Financial Supervisory Commission (FSC) will oversee the cryptocurrency sector and announced the new rules in October.
The FSC intends to strengthen oversight in areas such as fiat currency custody, information security, customer complaint procedures, record keeping and information disclosure.