TechFlow news, on November 29, according to The Block, Taiwan's Financial Supervisory Commission (FSC) announced it will advance the implementation of new anti-money laundering regulations for cryptocurrencies to November 30. Under the new rules, virtual asset service providers (VASPs) must complete anti-money laundering compliance registration; violators may face up to two years in prison and a fine of up to 5 million New Taiwan Dollars (approximately $153,700 USD).
FSC Chairperson Peng Jin-long stated during a parliamentary session in October that accelerating the anti-money laundering system is in response to society's urgent demand for stronger anti-fraud measures. The new regulations require overseas VASPs to establish a company or branch in Taiwan and complete anti-money laundering registration before commencing operations.
