| Article 4 |
Anyone subject to any of the following circumstances may not serve as a responsible person or beneficial owner of a VASP company, limited partnership, or business:
- Has previously, by a final and unappealable judgment, been convicted of a criminal offense under the Organized Crime Prevention Act or the Fraud Crime Hazard Prevention Act, and has not started serving the sentence, has not completed serving the sentence, or 5 years have not yet elapsed since completion of the sentence, expiration of suspended sentence, or pardon.
- Has previously, by a final and unappealable judgment, been convicted of a criminal offense of counterfeiting currency, counterfeiting securities, fraud, breach of trust, embezzlement, forgery, offense against privacy, usury, impairment of creditor rights, or violation of the Tax Collection Act, Trademark Act, Copyright Act, or other law regulating business and industry, and has not started serving the sentence, has not completed serving the sentence, or 3 years have not yet elapsed since completion of the sentence, expiration of suspended sentence, or pardon.
- Has previously, by a final and unappealable judgment, been convicted of a criminal offense under the Anti-Corruption Act, and has not started serving the sentence, has not completed serving the sentence, or 3 years have not yet elapsed since completion of the sentence, expiration of suspended sentence, or pardon.
- Has previously, by a final and unappealable judgment, been convicted of a specified unlawful activity as defined in Article 3 of the Act, and has not started serving the sentence, has not completed serving the sentence, or 3 years have not yet elapsed since completion of the sentence, expiration of suspended sentence, or pardon.
- Has previously, by a final and unappealable judgment, been convicted of violating the Act, the Financial Holding Company Act, Banking Act, Trust Enterprise Act, Act Governing Bills Finance Business, Financial Asset Securitization Act, Real Estate Securitization Act, Insurance Act, Securities and Exchange Act, Futures Trading Act, Securities Investment Trust and Consulting Act, Foreign Exchange Regulation Act, Credit Cooperative Act, Agricultural Finance Act, Farmers Association Act, Fishermen Association Act, Counter-Terrorism Financing Act, or other law regulating financial activity, and has not started serving the sentence, has not completed serving the sentence, or 3 years have not yet elapsed since completion of the sentence, expiration of suspended sentence, or pardon.
- Any person who served as a director, supervisor, managerial officer, or other equivalent position of a juristic person at a time it was adjudicated bankrupt if 3 years have not elapsed since the close of the bankruptcy or the reconciliation has not been fulfilled.
- Has been blacklisted because of using a negotiable instrument that was dishonored and remains blacklisted.
- Lacks legal capacity to act, has limited legal capacity to act, or has been declared by a court to be placed under assistance, and such declaration has not yet been voided.
- Has been replaced or discharged from duties by an order of a competent authority under the Financial Holding Company Act, Banking Act, Trust Enterprise Act, Act Governing Bills Finance Business, Financial Asset Securitization Act, Real Estate Securitization Act, Insurance Act, Securities and Exchange Act, Futures Trading Act, Securities Investment Trust and Consulting Act, Credit Cooperative Act, Agricultural Finance Act, Farmers Association Act, Fishermen Association Act, or other law regulating financial activity, and 3 years have not yet elapsed since such order for replacement or discharge.
- Has been found to have allowed the use of their name by others for the purpose of acting as a responsible person or beneficial owner of a VASP company, limited partnership, or business.
- There is factual proof that they have engaged in or been involved in other dishonest or improper activities, showing them to be unsuitable to engage VASP business.
If a director or supervisor of a VASP is a juristic person, the provisions of the preceding paragraph apply mutatis mutandis with respect to the exercise of duties by that juristic person's representative or designated representative.
|
| Article 5 |
A VASP shall complete an application in the format required by the FSC, and submit the following documents to the FSC through the institution designated by FSC, to apply for AML registration:
- VASP information form.
- Registration documents of the company, limited partnership, or business.
- Company articles of incorporation or limited partnership or partnership agreement.
- Business rules/bylaws and description of business processes.
- List of shareholders or partners.
- List of responsible person(s) of the company, limited partnership, or business.
- List of beneficial owner(s).
- Statement representing that the responsible person(s) and beneficial owner(s) of the company, limited partnership, or business are free of any circumstance in violation of Article 4 of these Regulations.
- AML internal control and internal audit systems ("internal control systems").
- Internal control system checklist reviewed by a CPA with CPA-issued review opinion.
- Complaint handling procedures.
- Statement representing that there is no misrepresentation or concealment in the content of the application form and attachments.
- Other documents as required by the FSC.
A VASP that is not a company and has not completed limited partnership registration or business registration under the Limited Partnership Act or Business Registration Act may not apply to the FSC for AML registration under the preceding paragraph.
An overseas VASP that has not completed company or branch office registration under the Company Act may not apply to the FSC for AML registration under paragraph 1.
If any application document submitted by a VASP under the preceding three paragraphs is incomplete or contains insufficient information, and the VASP fails to make the supplementation or correction requested by the FSC within the specified timeframe, registration will be refused.
|
| Article 6 |
A VASP shall commence operation within 6 months from the date that it completes AML registration with the FSC. If for some legitimate reason it is unable to commence business, it shall, before the expiration of the deadline, apply to the FSC for an extension by submitting an application form through the institution designated by the FSC. An extension may not exceed 6 months and shall be limited to one time only.
A VASP may not operate until it has become a member of the Taiwan Virtual Asset Service Provider Association (TVASPA).
If a VASP needs to suspend operations for legitimate reasons after commencing operations, it shall, before suspending operations, apply to the FSC by submitting an application form through the institution designated by the FSC, and may suspend operations only after the FSC has given its consent.
A VASP that has suspended operations with the consent of the FSC shall, before resuming operations, apply to the FSC by submitting an application form through the institution designated by the FSC, and may resume operations only after the FSC has given its consent.
Before terminating its virtual asset business, a VASP shall apply to the FSC for revocation of its registration.
|
| Article 7 |
The FSC may refuse registration if a VASP's application case is subject to any of the following circumstances:
- Any misrepresentation or falsehood is discovered in the content of application documents or related matters.
- Three months have not yet elapsed after registration was refused by the FSC under Article 5, paragraph 4 or after withdrawal by the VASP itself.
- Content of the internal control system is not specific enough or cannot be effectively implemented。
- Content of the business violates laws or regulations.
- There is a risk that the VASP may be used for money laundering or terrorist financing.
- Any responsible person or beneficial owner of the company, limited partnership, or business is subject to any circumstance in Article 4.
- Any responsible person of the company, limited partnership, or business is not a fit and proper person to effectively carry on the business of a VASP.
- As otherwise considered necessary to protect the public interest.
|
| Article 8 |
After a VASP is registered, the FSC may void or revoke its AML registration in any of the following circumstances:
- The VASP has failed to apply to the FSC for revocation of registration before terminating its virtual asset business.
- The VASP has failed to commence operations within 6 months after completing AML registration. This does not apply, however, if it has applied for an extension under the proviso to paragraph 1 of Article 6 and the FSC has granted consent.
- It unilaterally suspends operations for 3 consecutive months or longer without having obtained consent from the FSC.
- It fails to apply for amendment to application content or related matters in accordance with Article 9, paragraph 1.
- Any circumstance under subparagraph 1 of the preceding article.
- Any circumstance under subparagraph 3 to 7 of the preceding article, and the VASP has not taken the remedial action requested by the FSC within the specified timeframe.
- Violation of the Act, the Fraud Crime Hazard Prevention Act, Counter-Terrorism Financing Act, these Regulations, or the Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Enterprises or Persons Providing Virtual Asset Services, and the VASP has not taken the remedial action requested by the FSC within the specified timeframe, or where the circumstances are severe and likely to impede the continued sound operation of the VASP.
|
| Article 9 |
If a VASP wishes to make any change to any of the content set out in its application documents or related matters as listed below, it shall, prior to the change, submit its application to the FSC through the institution designated by the FSC, and may make the change only after the FSC has given approval:
- Name of the VASP.
- Responsible person(s), partner(s), or beneficial owner(s).
- Branch or entity business location.
- Number and location(s) of automated service facilities/equipment.
- Acquisition from or assignment to another person of business or assets in full or in major part.
- Merger, consolidation, or demerger.
- Addition or reduction of lines of business.
- Other matters as required by the FSC.
If there is any change to any of the content set out in its application documents or related matters other than as listed in the preceding paragraph, the VASP shall, within 5 business days from the date of occurrence of the fact, file a report with the FSC through the institution designated by the FSC
If any application document submitted by a VASP under paragraph 1 is incomplete or contains insufficient information, and the VASP fails to make the supplementation or correction requested by the FSC within the specified timeframe, the FSC may dismiss its application.
|