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Taiwan Virtual Currency Platform Operator List Update: 9 Approved, 18 Prohibited from Operating
In September 2024, Taiwan’s Financial Supervisory Commission officially announced the review results of virtual currency platform operators. The list involves the prospects of 27 Virtual Asset Service Providers (VASPs): 9 successfully passed anti-money laundering registration and obtained legal operating licenses; 18 others failed to meet the requirements and were listed on the prohibited operation list. The implementation of this registration system marks a new phase in the regulation of Taiwan’s virtual currency platform industry.
New Regulations Take Effect, Virtual Currency Platforms Must Complete Registration
According to Article 6 of the Anti-Money Laundering Act, all virtual currency platforms (VASPs) must complete anti-money laundering and counter-terrorism financing registration to operate legally. This requirement is mandatory, not optional.
The FSC has set clear standards for review: submit complete company information, establish anti-money laundering controls, and develop suspicious transaction monitoring protocols. The purpose of these requirements is straightforward—prevent virtual currency platforms from becoming channels for illegal fund flows.
For those who ignore these regulations, the consequences are clear: providing virtual asset services illegally can result in up to two years in prison and possible fines. The FSC further warns that unregistered operators continuing to operate will not only violate the law but also face restrictions from accessing the financial system, damaging their reputation and market trust.
Regulatory Results: 9 Virtual Currency Platforms Pass Qualification
The first batch of 9 virtual currency platforms has obtained legal operating status, representing a higher level of security for investors:
These operators have undergone strict compliance review, indicating they have established anti-money laundering mechanisms and risk management systems recognized by regulators. Choosing to trade on these platforms provides investors with at least a baseline of official endorsement.
18 Operators Not Approved, Banned from Providing Services
In contrast, 18 virtual currency operators have been listed on the banned operation list for failing to complete registration. These include:
Yilufa Co., Ltd., Sanchuan Token Co., Ltd., Yin Tianxia International Management Consulting Co., Ltd., Wangle Digital Innovation Co., Ltd., Yangjia Co., Ltd., Taiwan Zhi Jing Co., Ltd., Asia-Pacific EasyAnt Technology Co., Ltd., Piyat Technology Co., Ltd., British Virgin Islands Woheng Technology Taiwan Branch, Sanfist Co., Ltd., Xiahe Co., Ltd., Cui Ke Technology Co., Ltd., Absolute Digital Co., Ltd., Boou Technology Co., Ltd., Bise Technology Co., Ltd., Bixiang Technology Co., Ltd., Bihui Co., Ltd., Quanshi International Co., Ltd.
The FSC states that if these operators continue to operate, they will be subject to legal action. This means users transacting on these platforms are effectively operating in a legal gray area and face significantly higher risks than those on compliant platforms.
Investor Notice: The Importance of Compliance for Virtual Currency Platforms
The publication of this list of virtual asset service providers may seem like a routine regulatory move, but its deeper significance concerns the healthy development of the entire market. Virtual asset trading features high anonymity, frequent cross-border transactions, and hidden risks—these characteristics make anti-money laundering regulation especially critical.
Taiwan’s move aligns with international standards, particularly the Financial Action Task Force (FATF) recommendations. This is not unique to Taiwan but part of a global trend. In the future, for virtual currency platforms to survive long-term, compliance will be the basic threshold.
For investors, choosing to trade on compliant platforms is not only a smart risk management decision but also a fundamental safeguard for their assets. For operators yet to complete registration, this is the final countdown—compliance or not will determine their future in the market.