Taiwan's Financial Supervisory Commission plans to implement the FATF's Travel Rule for domestic crypto transfers starting in October. The rule will require virtual asset service providers to transmit customer information for all platform-to-platform transfers, with additional data required for transfers exceeding NT$30,000.
The implementation of the Travel Rule in Taiwan aims to enhance anti-money laundering efforts within the domestic cryptocurrency market, aligning with global standards and potentially increasing transparency for regulators and financial institutions.
Taiwan's financial regulator, the Financial Supervisory Commission (FSC), plans to implement the Financial Action Task Force's (FATF) Travel Rule for domestic cryptocurrency transfers starting in October. The proposed amendments will require virtual asset service providers (VASPs) to transmit customer information for all platform-to-platform transfers, irrespective of the transaction value.
For transfers exceeding 30,000 New Taiwan dollars (approximately $930), additional data will be required, including the sender's date of birth and residential address, or a corporate sender's official identification number and registered address. Receiving VASPs will also need to verify the beneficiary information provided by the originating platform against their own records.
The FSC intends to extend this regulatory framework to cover transfers between domestic and overseas VASPs by the end of 2027. Taiwan had previously introduced Travel Rule provisions in its anti-money laundering regulations in 2021 but faced challenges with cross-border system compatibility and differing international requirements.
The proposal follows a global trend of increasing adoption of the Travel Rule, with the FATF noting that 83% of surveyed jurisdictions now have such legislation in place, though implementation and enforcement gaps persist.