In collaboration with the Digital Asset Development Research Center and FinTech Center of Institute for Information Industry, Sumsub took a deep dive into Taiwan’s proposed Virtual Assets Service Act and anti-fraud legislations, championing global-standard compliance across APAC.
We recently joined the Digital Asset Development Research Center and FinTech Center of Institute for Information Industry at the Crypto Travel Rule and Virtual Assets Compliance Development Forum in Taipei. The event brought together Taiwan’s regulatory authorities, judicial representatives, and industry leaders to discuss the implementation of the Travel Rule, Financial Action Task Force (FATF) Recommendation 16, and the evolving compliance landscape for virtual asset service providers (VASPs).
As jurisdictions across APAC, including Hong Kong, Singapore, and Japan, continue to strengthen compliance and anti-money laundering (AML) frameworks for the virtual asset sector, Taiwan is actively aligning with international standards. The forum served as a vital platform for fostering constructive dialogue between the public and private sectors, with a shared goal of enhancing transparency, investor protection, and innovation.
Sumsub’s active participation underscores its ongoing commitment to supporting regulatory clarity and compliance readiness across the region. Supporting the world’s largest Travel Rule ecosystem of over 1,800 VASPs, Sumsub has integrated major protocols into a fully interoperable solution. At the event, Sumsub shared practical insights on technical implementation and ecosystem collaboration, helping VASPs navigate complex regulatory requirements with greater efficiency and transparency.
“Taiwan’s Travel Rule enforcement, the upcoming licensing regime, and anti-fraud laws are the three key pillars of the protection model that could inspire other markets in financial defense,” said Jason Chan, APAC Government Relations Lead at Sumsub. “Public-private collaboration is essential to building a resilient digital asset ecosystem. Following our recent roundtable with a Vietnamese delegation, we’re continuing to work closely with policymakers across APAC to shape future-ready regulatory frameworks.”
Taiwan’s regulatory momentum has accelerated, embedding the Travel Rule into AML regulations in November 2024. This sequencing reflects regulatory pragmatism—prioritizing compliance before licensing under the upcoming Virtual Assets Service Act—and signals a market that only welcomes well-capitalized, compliance-ready players, alongside efforts to tighten anti-fraud laws.
“As the virtual asset industry continues to develop, judicial jurisdictions should not only monitor market growth and assess the risks of money laundering and terrorist financing associated with virtual assets, but also adopt effective countermeasures to address the increasing sophistication of fraudsters.” said Min Chao Hung, Prosecutor at the Executive Office of Anti-Money Laundering, Taiwan High Prosecutors Office.
Echoing this sentiment, Clark Yang, Compliance Consultant at the Institute for Information Industry FinTech Center/FinTechSpace, approached the topic from the perspective of international regulations and technological trends in virtual asset management. He highlighted Taiwan’s balanced model of fostering fintech innovation while also maintaining strong supervision to promote the orderly development of digital finance.
“By combining local strengths with a sound regulatory framework, we can enhance the quality and efficiency of financial services and meet the challenges of the digital age,” Yang said.
Sumsub is committed to equipping VASPs and financial institutions with the tools and expertise to meet Travel Rule, AML, and transaction monitoring requirements. By collaborating with regulators and industry stakeholders, Sumsub is shaping the future of digital trust across APAC and beyond.
For more information on how Sumsub supports governments and regulators worldwide, visit https://sumsub.com/sumsub-for-government/.
