Individuals who use digital assets to launder money in Taiwan face prison sentences ranging from six months to five years. This follows from the new anti-fraud laws.
The package includes:
Law on Fraud Prevention and Control.
Law on Prevention and Combating Money Laundering.
Law on Investigation and Protection of Technologies.
Law on Protection and Supervision of Communications.
According to the documents, local and foreign VASPs must obtain an AML registration. The management of organizations that violate this requirement faces up to two years in prison.
The use of virtual asset accounts and third-party payment accounts for money laundering will result in a penalty of six months to five years in prison and a fine of up to 50 million TWD ($1.54 million).
The FSC will start acting as a supervisory authority.
It is reported that 25 local trading platforms have already filled out applications for compliance with these requirements.
The package includes:
Law on Fraud Prevention and Control.
Law on Prevention and Combating Money Laundering.
Law on Investigation and Protection of Technologies.
Law on Protection and Supervision of Communications.
According to the documents, local and foreign VASPs must obtain an AML registration. The management of organizations that violate this requirement faces up to two years in prison.
The use of virtual asset accounts and third-party payment accounts for money laundering will result in a penalty of six months to five years in prison and a fine of up to 50 million TWD ($1.54 million).
The FSC will start acting as a supervisory authority.
It is reported that 25 local trading platforms have already filled out applications for compliance with these requirements.
