Taiwan Plans to Apply Travel Rule to Domestic Digital-Asset Transfers From October

Taiwan plans to apply the travel rule to transfers between domestic virtual asset service providers, or VASPs, from October, Cointelegraph reported on Aug. 5.

The Financial Supervisory Commission said in a statement on Aug. 4 that it had proposed revised rules requiring customer information to be transmitted for all transfer transactions between local digital-asset service providers.

The proposal would apply the Financial Action Task Force’s travel rule regardless of transaction size.

Transfers exceeding NT$30,000 would require additional information, including a customer’s date of birth and residential address.

The FSC plans to expand the rule to transfer transactions involving overseas digital-asset service providers by the end of 2027.

Taiwan incorporated the travel rule into its anti-money laundering framework in 2021, but delayed implementation because of differences in regulations across jurisdictions, the lack of a standard for transmitting information and difficulties linking systems across borders.

The FSC will accept public comments on the proposal for 30 days.