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Taiwan passes new AML legislation to imprison illegal operators for up to two years

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Taiwan News

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Businesses or individuals providing crypto services must complete AML registration or face criminal penalties, according to the new rules.

Taiwan’s parliament passed amendments to the anti-money laundering laws requiring crypto firms to register for AML compliance, further criminalizing unqualified crypto service providers. The Legislative Yuan passed the amendments in a third reading late Tuesday, the semi-official Central News Agency reported.

According to the newly passed rules, overseas crypto platforms will need to set up local entities and apply for AML registration, or they may face criminal penalties. Kevin Cheng, a crypto lawyer and secretary general of the Taiwan Fintech Association, told The Block that it will be a “difficult situation” for businesses that have yet to complete AML declarations when the newly passed requirements take effect.

Those that have completed AML registration may “temporarily continue their operations but they will inevitably face stricter reviews in the future,” he added.

 

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