Taiwan Cracks Down on Domestic Crypto Transfers with New Travel Rule
Taiwan's financial regulator is planning to implement a Travel Rule for domestic crypto transfers starting in October. The Financial Supervisory Commission (FSC) announced that its proposed amendments would require crypto platforms to transmit customer information on all platform-to-platform transfers, regardless of value.
The FSC plans to extend the framework to transfers between domestic and overseas Virtual Asset Service Providers (VASPs) by the end of 2027. Currently, Taiwan introduced Travel Rule provisions in its Anti-Money Laundering (AML) regulations in 2021 but did not implement them due to differences among countries' regulatory requirements and incompatible information-transmission standards.
The proposed amendments would trigger additional data requirements for transfers exceeding 30,000 New Taiwan dollars (about $930). Receiving VASPs would be required to compare beneficiary information supplied by the originating platform with their own records.