Taiwan's New Cryptocurrency Anti-Money Laundering Rules to Take Effect on November 30

BlockBeats News, November 29th: The Financial Supervisory Commission of Taiwan, China will implement new Anti-Money Laundering (AML) rules on November 30th, one month earlier than initially planned, as the regulatory agency accelerates its anti-fraud efforts.

The new rules require crypto service providers, such as cryptocurrency exchanges, to complete AML compliance registration. Non-compliance may result in penalties, including up to two years of imprisonment and a maximum fine of NT$5 million (approximately $153,700 USD). (The Block)