Taiwan Passes New AML Legislation for Crypto Firms with Penalties Up to $153,800

Taiwan's Legislative Yuan has passed new anti-money laundering (AML) legislation that imposes stringent requirements on cryptocurrency firms. The amendments mandate that crypto firms must register for compliance, and unregistered service providers now face criminal penalties, including up to two years in prison or fines of up to NT$5 million ($153,800). Additionally, overseas platforms are required to establish local entities for AML registration to avoid penalties.