Crypto in Taiwan: Proposed AML changes could impose jail time for non-compliant firms | Headlines | News | CoinMarketCap
05/09/2024 17:54
Taiwan seeks to criminalize cryptocurrency firms that fail to abide by anti-money laundering rules, authorities announced today. The Ministry of …
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Published on May 09, 2024 10:44 GMT+00:00edited on May 09, 2024 10:49 GMT+00:00
Taiwan seeks to criminalize cryptocurrency firms that fail to abide by anti-money laundering rules, authorities announced today.
The Ministry of Justice has proposed amendments to the existing anti-money laundering laws that would require domestic and overseas crypto firms seeking to operate in Taiwan to register for AML compliance. Failure to do so could result in imprisonment for up to two years.
Deputy Minister of Justice Huang Mou-hsin stated on Thursday that the authorities can currently only impose administrative penalties on non-compliant crypto firms.
Huang added that with the amendments to the AML law, such behaviors “would be criminalized,” and those violating the proposed rules would be subject to a sentence of up to two years. Overseas crypto platforms would need to set up …