On October 2nd, Taiwan launched updated AML rules for Virtual Asset Service Providers (VASPs).
New Anti-Money Laundering Rules
According to the official press release, these new measures, effective January 1, 2025, require all crypto firms to register by September 2025. Non-compliance may result in fines up to 5 million New Taiwan dollars or up to two years in prison.
Implementation of New Norms
Strict measures are introduced for the submission of risk assessment reports by VASPs. The Commission also recommends delaying documents submission until the new registration system is in place to avoid reapplications under updated rules.
Approval of ETFs for Professional Investors
Taiwan also relaxes some regulations by allowing professional investors to invest in ETFs linked to 'foreign virtual assets'. Requirements include investor suitability assessments and mandatory risk warnings.
These steps are part of Taiwan’s comprehensive strategy to improve the regulatory framework for digital assets, ensuring security and compliance in the local market.