Following Hong Kong, Taiwan has come up with new regulations for crypto providers. Where the country's authorities have fined two crypto exchanges for violating their laws. After imposing these fines, Taiwan introduced its new anti-money laundering (AML) regulations for cryptocurrency businesses. That's why Taiwan's Financial Supervisory Commission or FSC announced this new regulation a few days ago. Taiwan's financial regulator said the upcoming anti-money laundering registration order for crypto exchanges has been moved to November 30 next year.
[source](https://pixabay.com/photos/crypto-cryptocurrency-regulation-6722635/)
But currently the crypto regulations or laws that they have imposed have been announced to impose huge sums of money as fines which are basically as per previous notifications. As part of the new law, virtual asset service providers (VASPs) who fail to register with the government will be required to pay fines and face up to two years in prison or a fine of up to 5 million New Taiwan dollars ($155,900) in addition to those fines. . However, the country's financial regulator said the new law, which is currently being implemented, includes previously registered crypto businesses.
According to Taiwan FSC records, there are only 26 authorized service providers among many crypto providers currently operating in the country. All crypto entities, whether previously registered or not, must register in accordance with the new AML mandate.
The country's financial regulator wants it to prevent money laundering by any business operator under the VASP registration system. Such laws are designed to prevent illegal transactions including money laundering through which authorities can track suspicious transactions or activities. It has even provided a checklist of items that crypto exchanges can use to stop such illegal or suspicious transactions. Crypto service providers must look at names and bank account details, location via IP address, multiple trading accounts and frequent information changes, among other things, to identify suspicious customers.
However, the country asked its domestic crypto exchanges to track such transactions in order to prevent illegal transactions and stop money laundering. They are asked to track such suspicious or illegal transactions, including sharing funds, using multiple accounts with the same IP address, and changing assets. To register with the country's AML regulations, crypto service providers must submit a one-page form detailing the nature of their business. Even crypto businesses must establish a quality management system for their financial accounting and auditing.
