Taiwan accelerates crypto AML registration deadline to align with India and Japan

Taiwan's Financial Supervisory Commission (FSC) has made anti-money laundering (AML) registration mandatory for all cryptocurrency firms. The registration deadline has been moved up to November 30, 2024, from January 1, 2025. This decision aligns Taiwan with countries like India and Japan, which also require AML compliance for crypto businesses. The FSC aims to strengthen oversight of the growing crypto sector amid increasing interest in Web3 initiatives. Firms must implement measures to prevent illicit fund movements and report suspicious activities. Violations could result in fines or imprisonment. The FSC is enhancing its regulatory framework to integrate crypto services into Taiwan's financial system.