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Taiwan rushes AML rules; Indonesia’s digital assets surge to $30B

Author: Content Editor
Taiwan's Financial Supervisory Commission (FSC) is accelerating the implementation of a new anti-money laundering (AML) playbook, requiring digital asset service providers to seek new AML registration regardless of previous registrations. Violators of the new AML rules could face fines of up to NT$5 million ($155,900) or jail time of up to two years for principal officers. The rules require service providers to monitor financial anomalies, frequent information changes, the use of virtual private networks (VPNs), and movement of large amounts of digital assets. In addition, the rules prescribe minimum qualification standards for board members and impose corporate social responsibilities on companies. The FSC has already taken enforcement action against two digital asset exchanges for AML violations. Meanwhile, Indonesia has seen a surge in digital asset volume, reaching just over $30 billion in the first ten months of 2024, a 350% increase from 2023. The country's digital asset trading is making a comeback following regulatory protections and rising asset prices.

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