Taiwan forces cryptocurrency providers to implement anti-money laundering registration

Taiwan has moved forward with the rollout of new anti-money laundering (AML) regulations for cryptocurrency businesses after authorities fined two cryptocurrency exchanges for related violations. On November 27, the Financial Supervisory Commission (FSC) announced that the upcoming money laundering prevention registration requirement for cryptocurrency exchanges has been postponed to November 30 from the previous January 1, 2025 deadline. Virtual Asset Service Providers (VASPs) who fail to register with the government could face up to two years in prison or a fine of up to NT $5 million (US $155,900), according to a previous notice.