Taiwan Tightens Crypto Rules with Mandatory Customer Data Sharing

Taiwan's financial regulator is strengthening its crypto rules by requiring platforms to share customer information for all domestic transfers between licensed virtual asset service providers (VASPs) starting in October.

The draft amendments, which are open for a 30-day public consultation, will apply the Travel Rule standards developed by the Financial Action Task Force (FATF) to all domestic transfers regardless of transaction size. For transactions exceeding 30,000 New Taiwan dollars (about $930), platforms must share additional information about the sender.

This includes the sender's date of birth and residential address for individuals, as well as the company's registration number and registered address for legal entities. The receiving platform will also be required to verify the beneficiary information received against its own records.

Taiwan is moving closer to full FATF compliance after incorporating the Travel Rule into its anti-money laundering framework in 2021, but postponed its implementation due to technical challenges associated with cross-border information exchange.