TAIPEI (Taiwan News) — Crypto users transferring more than NT$30,000 (US$928) between Taiwanese platforms will face additional identification requirements when new rules take effect in October.
All transfers between domestic virtual asset service providers (VASPs), regardless of value, will have to include the sender and recipient’s name or entity name and wallet information, per Economic Daily News.
For transfers above NT$30,000, individual senders must also provide their date of birth and residential address. Companies must provide a Unified Business Number and registered address.
Receiving providers will also have to compare recipient details supplied with transfers above the threshold against their own customer records. The checks will cover information including country, city, or corporate identification data.
The Financial Supervisory Commission plans to introduce the requirements in two stages, per the report. Domestic transfers will be covered first in October, while transfers between Taiwan and overseas VASPs are expected to follow by the end of next year.
Cross-border transfers could fail if overseas exchanges do not transmit or verify the required information. Providers that breach the rules may face fines of NT$500,000 to NT$10 million.
Taiwan’s VASP Association said in March that promoting domestic adoption of Travel Rule requirements was one of its three priorities for the year, per the association.
The group also said adapting to the new regulatory framework would require system development, staff training, and additional compliance resources.
