Regulation of Transfers from Personal Wallets for Virtual Assets
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The Financial Services Commission's Financial Intelligence Unit (FIU) has announced supervisory regulations to legislate the regulation of transfers from personal wallets for virtual assets. It has been specified that high-risk transactions during personal wallet trading will be prohibited, and transfers can only be made to wallets registered in the individual's name. Transactions with overseas exchanges will be subject to differentiated regulations divided into three stages. The supervisory regulations will take effect from August 20, but the regulations concerning personal wallets and overseas exchanges are expected to be implemented around February next year. Virtual asset businesses must comply with the standards set by the FIU when engaging in transactions with counterparties using digital asset addresses over which they do not have exclusive management authority. If a customer's characteristics indicate a high risk of money laundering or financing of terrorism, transactions will be restricted, and previous transactions will only be allowed under the same circumstances. Compliance with the obligations under the law will allow transactions to wallets not registered in the individual's name. Overseas digital asset exchanges must take differentiated measures based on the level of risk and must fulfill their anti-money laundering obligations. Foreign businesses located in high-risk countries are subject to transaction restrictions.
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