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Taiwan to require Travel Rule data on domestic crypto transfers from October
The Financial Supervisory Commission says sender details will be required for transfers above 30,000 New Taiwan dollars, about $930, and the rule will eventually cover overseas platform transfers by end of 2027.
Taiwan’s financial regulator plans to apply the FATF Travel Rule to domestic crypto transfers beginning in October, requiring platforms to transmit customer information for platform-to-platform transfers.
According to Cointelegraph, the Financial Supervisory Commission’s proposed amendments would apply the rule regardless of transfer value, with additional data requirements for transactions exceeding 30,000 New Taiwan dollars, about $930. Those add-ons include an individual sender’s date of birth and residential address, or for corporate senders, an official identification number and registered address.
The proposal would also require receiving VASPs to compare beneficiary information provided by the sending platform with their own records, to help ensure consistency of customer data.
The FSC intends to extend the framework to transfers between domestic and overseas VASPs by the end of 2027. Cointelegraph adds that Taiwan previously added Travel Rule provisions to its AML regulations in 2021 but did not implement them, citing differences across jurisdictions, incompatible data standards, and cross-border system connectivity challenges, and the regulator is set to begin a 30-day public consultation soon.