Tightening Up! Taiwan Presidential Office announces Anti-Money Laundering Act amendment: Up to two years in prison for illegally providing virtual asset services
The Taiwan Presidential Office announced amendments to the Anti-Money Laundering Act on July 31st through a presidential decree:
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On July 31, the Presidential Office of Taiwan announced amendments to the Anti-Money Laundering Act, stating that individuals or entities providing virtual asset services or third-party payment services without completing anti-money laundering procedures or service registration, or continuing to provide such services after their anti-money laundering registration has been revoked or invalidated, or their service registration has been invalidated or expired, may face imprisonment for up to two years, detention, or a fine of up to NT$5 million.
The Legislative Yuan of Taiwan passed amendments to the Anti-Money Laundering Act on July 16, bringing businesses or individuals providing virtual asset services and third-party payment services under regulation. In the future, these service providers must complete anti-money laundering procedures and service registration, or they may face imprisonment for up to 2 years or a fine of up to NT$5 million.
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