TSIA Digital Asset Management and U-Da Taiwan pass AML registration

The Financial Supervisory Commission (FSC) has announced that two new Virtual Asset Service Providers (VASPs), TSIA Digital Asset Management Co., Ltd. and U-Da Taiwan Co., Ltd., have passed anti-money laundering registration.

This brings the total number of registered VASPs in Taiwan to 10. TSIA Digital Asset Management, owned by the TSIA Group, has a paid-in capital of NT$200 million and intends to operate as an exchange, platform, transfer agent, and custodian. U-Da Taiwan has a paid-in capital of NT$60.5 million and will focus on virtual asset custody services.

Under current regulations, these providers must apply for formal licenses within 12 months of the implementation of the Virtual Asset Service Act, which is expected to occur as early as the first quarter of next year. The domestic virtual currency market is estimated to have an annual transaction volume between NT$200 billion and NT$400 billion, with over 1.13 million people investing in virtual currencies as of the first quarter of this year.