The Legislative Yuan of Taiwan passed the revised Anti-Money Laundering Act in the third reading, incorporating virtual asset services into regulation

ChainCatcher news reports that Taiwan's "Legislative Yuan" yesterday passed the amendments to the Money Laundering Prevention Act in the third reading, officially bringing businesses or individuals providing virtual asset services and third-party payment services under regulatory control. In the future, these service providers must complete money laundering prevention and service capacity registration or login, otherwise they will face a maximum of 2 years of imprisonment or a fine of up to 5 million New Taiwan Dollars.

This amendment also revised the penalties for general money laundering offenses. The third reading stipulates that anyone involved in the acts listed in Article 2 of the Money Laundering Prevention Act will be sentenced to imprisonment for not less than 3 years and not more than 10 years, and fined up to 100 million New Taiwan Dollars. If the value of the laundered property or benefits does not reach 100 million, the offender will face imprisonment for not less than 6 months and not more than 5 years, and a fine of up to 50 million New Taiwan Dollars. Attempted offenses are also punishable.