New Crypto Transfer Rules Launch in October: Birthdates and Addresses Required for Transfers Over TWD 30,000, Expanding to Cross-Border by End of 2024

The Financial Supervisory Commission (FSC) announced today (4th) that, referencing recommendations from the international organization FATF (Financial Action Task Force on Money Laundering), starting October 1, 2023, individuals transferring virtual assets domestically via VASPs (Virtual Asset Service Providers) will be required to provide additional identifying information when the transferred value exceeds TWD 30,000.

For such transfers, the sending VASP must provide the sender’s date of birth and residential address to the receiving VASP. If the sender is a legal entity, the sending VASP must provide the official identification number (i.e., Unified Business Number) and registered address to the receiving VASP. Conversely, the receiving VASP must provide the recipient’s country and city of residence (for individuals) or official identification number and registered country and city (for legal entities) back to the sending VASP.

This new rule for crypto transfers will be implemented in two phases. From October 1, 2023, it will first apply to transfers between domestic VASPs, and by the end of 2024, it will expand to include transfers between domestic and overseas VASPs. Currently, there are eight VASPs recognized by the FSC operating in Taiwan.

The FSC is advancing this new framework through amendments to the "Regulations on Anti-Money Laundering and Counter-Terrorist Financing Measures for Businesses or Personnel Providing Virtual Asset Services," which will now enter a public consultation phase. Stakeholders may submit comments within 30 days from the day after the draft announcement is published in the official gazette, via the FSC’s "Regulatory Database" website (http://law.fsc.gov.tw/) under the "Draft Announcement" section, or by contacting the FSC’s Securities and Futures Bureau.

Even for transfers below TWD 30,000, basic information must still be exchanged. The sending and receiving VASPs are required to mutually share only the sender’s and recipient’s name or business title, along with wallet information.

Deputy Director Huang Chung-hao of the FSC’s Securities and Futures Bureau explained that the TWD 30,000 threshold was established by referencing international standards. FATF recommends USD 1,000, while the European Union mandates EUR 1,000—both approximately equivalent to TWD 30,000.

According to foreign institutional data covering 109 countries globally, 83% have already completed legislation for what is known as the Travel Rule, with 40% actively enforcing it. The EU, Japan, South Korea, and the United States have all enacted and implemented these rules.

Additionally, the revised regulations will require receiving VASPs to verify the recipient’s information provided by the sending VASP against their own customer records whenever receiving virtual assets exceeding TWD 30,000.

Huang emphasized that regulated institutions must integrate these requirements into their internal controls. During future financial inspections, the FSC will assess whether firms comply with these legal obligations. Without explicit regulation, the FSC would lack grounds for inspection or penalties; thus, this new obligation for receiving VASPs is being formally codified in the amended regulations.