Taiwan accelerates AML implementation: Taiwan has launched new anti-money laundering (AML) regulations for cryptocurrency companies, effective November 30, 2024, to enhance compliance and prevent fraud in the sector.
Penalties for AML violations: Crypto service providers (VASPs) face fines of up to NT$5 million (approximately 153,700 USD) or a maximum prison term of two years for non-compliance with the new AML regulations.
Taiwan strengthens crypto security: The new regulations require VASPs to upgrade their systems and enhance information security while managing customer grievances and maintaining accurate transaction records.
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