A recent report by ABMEDIA indicates that failure to adhere to these regulations could result in imprisonment for a maximum of two years.

The new regulations require all cryptocurrency service providers operating in Taiwan to undergo anti-money laundering registration. Non-compliance not only exposes providers to legal consequences but also compromises the financial system's integrity by potentially facilitating illegal transactions.

Furthermore, individuals caught using virtual asset accounts for money laundering will face severe penalties under the updated regulations. The Taiwanese government's commitment to combat financial crimes associated with cryptocurrencies is evident, with offenders facing imprisonment terms ranging from six months to five years.

These strict measures underscore Taiwan's proactive stance on regulating the growing cryptocurrency sector. By enforcing robust anti-money laundering requirements, authorities aim to mitigate the risks posed by digital assets and uphold compliance with international standards targeting financial crimes.

*Please note that this content does not constitute investment advice.