Taiwan orders crypto ATM providers to comply with anti-money laundering rules

Taiwan's Financial Supervisory Commission ordered cryptocurrency ATM providers to comply with anti-money laundering laws and conduct know-your-customer practices, the Taipei Times reported Jan. 21, citing the regulator.

The ruling was issued following an investigation on the machines' operations in December 2021. The probe revealed there are at least 24 bitcoin ATMs in the island and some allow users to purchase cryptocurrencies with cash but do not comply with rules, according to the report.

The regulator said it will ask providers to work on their compliance or face a penalty of NT$500,000 or more, the publication added.

As of Jan. 20, US$1 was equivalent to NT$27.63.