Coinspeaker
Taiwan Proposes Strict AML Laws for Crypto Firms

To curb fraud and money laundering, Taiwan’s Ministry of Justice has proposed an amendment to the country’s Anti-Money Laundering Law (AML), with the main focus on crypto firms. This move is part of the country’s means of safeguarding its citizens from falling into the trap of crypto fraud.

The news announced today revealed that the authorities of the Asian country have suggested changes to the AML law, which could lead to heavy penalties for crypto firms that refuse to comply with these laws. In fact, non-compliant firms are in danger of facing up to two years in jail and additional fines of up to $1.5 million. The proposed amendment is now set to be reviewed by the Legislative Yuan, Taiwan’s national parliament.

Taiwan’s Deputy Minister of Justice, Huang Mou-hsin, revealed in a video that the authorities now have the power to impose punishment on crypto firms that refuse to comply with the stipulated law. He added that crypto platforms outside the country would need to have a local branch and apply for AML registration or face the risk of being charged for criminal activities.