Taiwan Enforces Anti-Money Laundering Measures for Virtual Asset Providers
CryptoNewsTerminal Staff16 Jul, 2024
Taiwan Enforces Anti-Money Laundering Measures for Virtual Asset Providers
Taiwan's Legislative Yuan has implemented amendments to its Anti-Money Laundering Act, requiring virtual asset providers and third-party payment service companies to establish robust anti-money laundering systems and register their services. Failure to adhere to these regulations may result in imprisonment for up to two years or substantial fines. By incorporating virtual asset providers into regulations that were previously only applicable to the financial sector, Taiwan strengthens its efforts against money laundering and illicit financial activities. This move aligns with international standards and demonstrates Taiwan's commitment to combating financial crimes.
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