bitcoinworld.co.in
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. According to a report from BlockTempo, the 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.
What the Travel Rule Means for Crypto Users in Taiwan
The Travel Rule, originally established by the Financial Action Task Force (FATF), aims to prevent money laundering and terrorist financing by ensuring that transaction information accompanies crypto transfers. Under the FSC’s proposal, receiving providers will be required to verify whether the transmitted information matches their existing customer records. For transactions of NT$30,000 or less, basic information—such as the sender’s and recipient’s names and a wallet address or transaction identification number—will still be shared, ensuring a baseline level of transparency across all transfer sizes.
The rule will initially apply only to transfers between 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.
