Taiwan's Financial Supervisory Commission imposes heavy fines on 6 major trading operators! Involved in Money Laundering Prevention Act and lack of KYC, total fines amount to 7.02 million.

The Financial Supervisory Commission (FSC) of Taiwan announced penalties for six virtual asset service providers (VASPs), which were fined a total of NT$7.02 million for failing to implement anti-money laundering obligations. (Background: The Tempo 30 Awards community nominations have started. Who are the 30 most influential people in Taiwan's blockchain?) (Supplementary background: Taiwan's VASP special area debuts at the Golden Bull Conference! Nine crypto trading firms gathered, moving towards a compliant and fraud-prevention era.) On November 17, the Taiwan FSC's Securities and Futures Bureau issued fines totaling NT$7.02 million against six virtual asset service providers (VASP), citing lax anti-money laundering operations as the reason. The regulatory authority will complete a special project inspection by May 2025, with results to be announced six months later. Observers believe this hefty fine signifies the regulatory authority's zero tolerance for the basic compliance standards of crypto platforms. Among the fined businesses, all six including Asia-Pacific Eant, Power International, Cross-Chain Technology, Taiwan Zhi Jing, Coin Generation, and Sang Fei Si Te were penalized for violating the Money Laundering Control Act. Fines ranged from NT$400,000 to NT$2 million, with Asia-Pacific Eant receiving the highest penalty, and most companies were already placed on the 'prohibited from providing services' list prior to the investigation period. Violations concentrated in three major areas: customer identification review (KYC) not being implemented, deficiencies in transaction monitoring, and insufficient reporting of suspicious transactions. Among the six businesses that were penalized, five had exited the 'virtual asset services' by September of this year, including Asia-Pacific Eant Technology, Power International, Taiwan Zhi Jing, Coin Generation Technology, and Sang Fei Si Te, all of which have ceased operations as service providers. Taiwan's regulatory context can be traced back to July 1, 2021, when VASPs were brought under regulation, and the Money Laundering Control Act was revised again in July 2024, increasing penalties and requiring foreign firms to establish a physical presence. The FSC has set September 2025 as the final registration deadline, and those operating beyond this period will face administrative penalties or even criminal responsibility. Related reports: Premier Su Tseng-chang promised: By the end of the year, a review of 'how much Bitcoin the Taiwan government has' will be conducted! The Central Bank will present a BTC reserve assessment report. Taiwan's VASP special area debuts at the Golden Bull Conference! Nine crypto trading firms gathered, moving towards a compliant and fraud-prevention era. “Taiwan FSC imposes heavy penalties on six major trading firms! Involved in the Money Laundering Control Act and lack of KYC, total fines amount to NT$7.02 million” This article was originally published in BlockTempo's “Block Tempo - The Most Influential Blockchain News Media.”