Taiwan is accelerating the introduction of new anti-money laundering rules for cryptocurrency companies following fines imposed on two exchanges.
Tightening AML Regulations
On November 27, the Taiwanese Financial Supervisory Commission announced that the new cryptocurrency exchange registration requirements for anti-money laundering will take effect on November 30, instead of the previously planned date of January 1, 2025.
Registration and Verification
According to Taiwan FSC records, 26 crypto providers are currently approved to continue offering their services. However, all crypto entities must comply with the new AML mandates regardless of their registration status. Authorities provided a checklist for monitoring suspicious transactions, including customer and transaction information.
Violations and Fines
On November 28, two crypto exchanges, MaiCoin and BitoPro, were fined for AML violations related to customer due diligence, transaction monitoring, and reporting of suspicious transactions. Under the new regulations, crypto services must submit a form detailing their operations and establish a quality management system for accounting and auditing.
The introduction of new AML rules in Taiwan highlights an effort to enhance transparency and security in the cryptocurrency sector.
