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The legislative branch of Taiwan switched the anti-money laundering rules, which have grown more rigid in terms of the adherence of <a href="https://cryptonewsland.com/terraform-labs-to-sell-four-companies-amid-bankruptcy-proceedings/" rel="noopener noreferrer nofollow">cryptocurrency companies</a>. Semi-official Central News Agency said that these changes were made in the third reading on Tuesday late at night through the Legislative Yuan.Thus, companies and individuals in Taiwan offering <a href="https://cryptonewsland.com/merov-introduces-a-suite-of-services-for-the-bitcoin-mining-industry/" rel="noopener noreferrer nofollow">bitcoin services </a>now must register to abide by AML requirements. Breaking the rules carries a maximum fine of NT$5 million ($153,800) or two years in prison.Additionally, foreign cryptocurrency platforms need to register as <a href="https://www.acaglobal.com/our-solutions/aml-and-financial-crimes" rel="noopener noreferrer nofollow">AML firms</a> and establish local entities. If not, there can be criminal consequences. The new regulations would increase regulatory control in Taiwan and affect both foreign and domestic cryptocurrency service providers.Read More:<a href="https://cryptonewsland.com/taiwan-strengthens-crypto-rules-with-new-anti-money-laundering-updates/" rel="noopener noreferrer nofollow">https://cryptonewsland.com/taiwan-strengthens-crypto-rules-with-new-anti-money-laundering-updates/</a>

Taiwan Strengthens Crypto Rules with New Anti-Money Laundering Updates

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