Taiwan Cabinet backs tougher crypto money-laundering rules

台灣行政院通過虛擬資產防制洗錢修法草案，強化監管

TAIPEI (Taiwan News) — The Cabinet on Thursday approved draft amendments that would bring unregistered crypto services and unauthorized stablecoin issuance within the scope of Taiwan's money-laundering law.

Providing virtual-asset or third-party payment services without registration, or issuing stablecoins without authorization, would be classified as specified offenses under the law, allowing money-laundering penalties to apply to proceeds from those activities, according to CNA. The amendments will be sent to the Legislative Yuan for review before they can take effect.

The draft will also define a beneficial owner as the person who ultimately owns or controls a client, transaction, or legal entity. Regulators would be authorized to set procedures for identifying and inspecting beneficial owners.

Government agencies could access information on fines imposed on financial institutions and designated nonfinancial businesses when needed to prevent money laundering. Banks and virtual-asset service providers could also share information with other institutions to combat money laundering and terrorist financing.

CNA quoted Cabinet Spokesperson Michelle Lee (李慧芝) as saying Premier Cho Jung-tai (卓榮泰) believes anti-money-laundering efforts are essential to fighting crime and protecting financial stability. Cho added that the law must keep pace with changing criminal methods and international standards, while agencies strengthen cooperation and information sharing.