Taiwan Cracks Down on Domestic Crypto Transfers with Travel Rule Enforcement

Taiwan's financial regulator is set to enforce a Travel Rule for domestic cryptocurrency transfers starting in October. The Financial Supervisory Commission (FSC) plans to require crypto platforms to transmit customer information on all platform-to-platform transactions, regardless of value.

The FSC will apply the Financial Action Task Force's (FATF) Travel Rule, which mandates that sending and receiving Virtual Asset Service Providers (VASPs) exchange customer data. Transfers exceeding 30,000 New Taiwan dollars (NTD), approximately $930 USD, would trigger additional requirements, including a sender's date of birth and residential address for individuals or an official identification number and registered address for corporations.

The receiving VASPs will also be required to verify beneficiary information supplied by the originating platform against their own records. The FSC plans to extend this framework to transfers between domestic and overseas VASPs by the end of 2027.