Taiwan to implement new AML rules for crypto services starting November 30: mandatory registration for crypto exchanges, fines up to NT$5 million ($153,700), and imprisonment up to 2 years 🚨

Taiwan's Financial Supervisory Commission (FSC) will introduce new AML rules for crypto services starting November 30. All crypto exchanges, including foreign ones, must register in compliance with the requirements. Non-compliance could result in fines of up to NT$5 million ($153,700) and imprisonment. The new rules include enhanced control over fiat currency storage, data security, and prevention of unfair trading. Penalties were also imposed on crypto exchanges MaiCoin and BitoPro for violating AML regulations.