Under the amended laws, all companies and individuals providing virtual asset supply and exchange services in Taiwan are required to register and obtain a license from the regulator, as well as ensure full compliance with established AML procedures.
Otherwise, the executives of crypto companies and individuals providing services to virtual asset providers or third-party payment services will be subject to administrative and criminal penalties, such as imprisonment for up to two years and a civil fine of up to NT$5 million (about $150,000).
Earlier, the government of the Republic of China Taiwan announced the establishment of a new organization, Taiwan Virtual Asset Service Provider Association, which will collect proposals and develop regional rules for regulating digital assets.
Source: Bits
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