Some companies have already filed the necessary documents in accordance with anti-money laundering (AML) regulations, while others are approaching the completion of this stage. As local deputy Guo Guow mentioned during public hearings, in September, the FSC (Financial Supervisory Commission) plans to release regulatory guidelines for virtual assets.
Local authorities do not rule out the possibility of enacting laws related to cryptocurrencies. Until these laws are implemented, virtual assets will be regulated according to local anti-money laundering and counter-terrorism financing laws. Crypto companies failing to comply with these laws may face fines ranging from $69,000 to $1.38 million.
Under the existing rules, crypto investors who suffer losses cannot file complaints with the Financial Supervisory Commission. However, the FSC will continue to seek ways to protect virtual asset users through other means, as assured by the agency’s representatives.
Recently, the authorities in Taiwan announced that they would prohibit the operation of cryptocurrency exchanges and platforms in the region if they do not register with the regulator.