Taipei, Saturday October 5, 2024 – Taiwan’s Financial Supervisory Commission (FSC) has introduced new anti-money laundering (AML) regulations for virtual asset service providers (VASPs), setting a September 2025 deadline for full compliance. Firms failing to meet these requirements could face fines of up to NT$5 million ($155,900) or a two-year prison term.
The updated regulations, effective January 2025, mandate stricter qualifications for leadership and enhanced measures to protect customer assets. In addition, crypto companies must submit annual risk assessment reports. Taiwan’s regulator is expected to finalize a broader digital asset regulatory framework by June 2025.
These rules also align Taiwan with other financial centers, extending oversight to digital ETFs, restricting access to professional investors only, ensuring controlled market expansion amid volatility concerns.
Taiwan has steadily strengthened its regulatory approach toward the crypto industry over the past year. In July 2024, the FSC introduced interim AML measures for VASPs, marking a decisive move towards aligning Taiwan’s financial policies with international standards.
This year’s changes follow a March 2024 pledge by FSC Chairman Huang Tien-mu to impose stricter rules to safeguard investors and stabilize the digital asset market. Taiwan’s expansion into the crypto sector also includes its recent approval of digital asset ETFs for professional investors, further positioning itself as a key player in the growing industry.
