Taiwan Mandates ID Disclosure for Crypto Transfers Over $1,320

Taiwan's Financial Supervisory Commission (FSC) is preparing to implement the Travel Rule for cryptocurrency transfers between local virtual asset service providers (VASPs) starting in October. This new measure will require individuals making single transfers exceeding NT$30,000 (approximately $1,320) to provide their date of birth and address, while corporate entities must submit an official identification number and registered address.

The Travel Rule aims to prevent money laundering and terrorist financing by ensuring that transaction information accompanies crypto transfers. The FSC's proposal requires receiving providers to verify whether the transmitted information matches their existing customer records for transactions over NT$30,000. For smaller transactions, basic information such as sender and recipient names and a wallet address or transaction identification number will be shared.

The rule initially applies only to domestic VASPs, giving local firms time to adapt their systems. Taiwan's authorities plan to expand the requirement to include transfers involving overseas providers by the end of 2027, aligning the island's regulatory framework more closely with international standards.