According to a report by United Daily News, the Executive Yuan approved the “Anti-Fraud New Laws” today and will submit them to the Legislative Yuan for review. The four laws are the “Anti-Fraud Special Act,” the “Anti-Money Laundering Act,” the “Technology Investigation and Protection Act,” and the “Communication Protection and Supervision Act.” Among these, the “Anti-Money Laundering Act” has a significant impact on the Canadian currency industry, as it introduces new regulations for regulating currency businesses from three perspectives.
Virtual asset services must complete anti-money laundering registration.
Third-party payment services must complete anti-money laundering and service capacity registration.
Overseas virtual asset and third-party payment service providers must complete branch registration or subsidiary registration.
Those who fail to meet the above three requirements but continue to provide services may face imprisonment of up to two years.
Chiu Shu-chen, Deputy Chairperson of the Financial Supervisory Commission, stated in a press conference after the Executive Yuan meeting that according to the Anti-Fraud Special Act, both individual currency businesses and corporate currency businesses must be regulated, and failure to register will result in criminal liability. Currently, there are about 60 to 70 currency businesses in the virtual currency market, but only 25 have passed the Financial Supervisory Commission’s anti-money laundering review. Chiu Shu-chen stated that as the regulatory authority for virtual assets, the Financial Supervisory Commission requires all currency businesses to declare and review, and a currency business association will be established in the future to enhance management under the commission’s requirements.
