Taiwan’s financial regulator has proposed new Travel Rule requirements that would apply to every transfer between domestic crypto platforms, marking the next step in the territory’s broader virtual asset oversight framework.

Under the draft amendments, virtual asset service providers would have to share customer information on all platform-to-platform transfers inside Taiwan, regardless of transaction size. Transfers above NT$30,000 would face added sender identification requirements, and receiving platforms would need to confirm beneficiary details against their own records.

Draft rules widen data-sharing duties

The proposal was put forward by Taiwan’s Financial Supervisory Commission, which said the new requirements are scheduled to begin in October if adopted. The draft would make customer information exchange mandatory for every transfer between domestic virtual asset service providers, rather than only for larger transactions.

For transfers exceeding NT$30,000, the sending side would need to complete additional identification of the sender before processing the transaction. On the receiving side, the platform handling the incoming transfer would be required to verify that the beneficiary information matches what it has on file.

Part of a broader crypto rulebook

The planned changes build on Taiwan’s Virtual Asset Service Act, which introduced a full licensing framework for crypto businesses in July. The Travel Rule proposal appears to be one of the first concrete compliance measures advancing under that new legal structure.

As outlined in the draft, the rules are aimed specifically at transfers between domestic platforms in the initial phase. The FSC has indicated that the framework would later be expanded beyond the local market.

Consultation period before adoption

Before the rules are finalized, the FSC plans to open a 30-day public consultation period. That process would give industry participants and other stakeholders a chance to comment on how the requirements should be implemented in practice.

The regulator has not presented the proposal as fully settled. The consultation suggests the exact final form of the obligations could still change before the rules are formally adopted.

Cross-border expansion targeted by 2027

The FSC has also set out a longer-term goal of extending Travel Rule requirements to transfers involving domestic and overseas virtual asset service providers. According to the proposal, that expansion is planned by the end of 2027.

If the timeline holds, Taiwan would first apply the requirements across domestic crypto platforms and then broaden them to cross-border VASP transfers. For now, the next confirmed step is the 30-day consultation on the draft amendments ahead of any final decision.

Source: crypto.news