Taiwan has imposed stricter measures for cryptocurrency companies by bringing forward the enforcement of its anti-money laundering (AML) regulations.
The move comes after two crypto exchanges were fined for violating existing regulations.
On November 27, the Financial Supervisory Commission (FSC) announced the deadline for cryptocurrency exchanges to register for anti-money laundering prevention has been changed from January 1, 2025 to November 30, 2024.
Failure to register can carry a two-year prison sentence or fines of up to New Taiwan $5 million ($155,900).
Currently, 26 crypto providers are allowed to continue operating, but all crypto-entities, whether previously registered or not, must comply with the new AML mandate.