Taiwan has proposed amendments to their anti-money laundering (AML) legislation, particularly focusing on cryptocurrency service providers. These amendments primarily aim to instill tighter controls on the activities of crypto firms and ensure adherence to necessary compliance measures.
If these amendments become law, crypto firms that fail to observe these AML measures risk facing severe penalties. These include criminal charges that could lead to jail terms, and financial penalties via substantial fines. The proposed changes reflect Taiwan’s efforts to create a safer and regulated environment for cryptocurrency transactions, aligning with international standards.
The main goals of these amendments seem to be deterring money laundering and terrorism financing, protecting investors, and generally ensuring that cryptocurrency transactions and activities are done in a transparent, legal manner.
