The popular global car-hailing firm Uber will suspend its ride-sharing services after the government of Taiwan fined the company of $10.57 million within a month in connection with the new law that prohibits the operation of unlicensed taxi services.

According to Fortune, the company's decision to stop its operation comes after Taiwan imposed the fines against unlicensed ride-sharing services. Until now, the government of Taiwan still considered Uber's business as illegal and even ordered the company to leave the domestic market.

The suspension of the services will take effect on February 10. However, the company is still hoping for "restarting dialogue" with Taiwan's government to innovate the transport technology in the country.

Uber is only registered as a software company, but the government does not honor such registration. The Ministry of Transportation and Communications has urged Uber to register as a taxi service provider which is required to covered by related insurance and pay local taxes. However, the company only criticize the government's insistence as "ridiculous."

"We have not made this decision lightly, as we know it will have a significant impact on hundreds of thousands of drivers and riders," Uber said in a statement that criticizes Taiwan government for not embracing innovation.

According to CNN, the U.S start-up business was only permitted to operate like a tech company, and not to provide transportation services. This kind of approach has already been adopted from the different parts of the world. Uber-Company tried to disregard the regulatory concerns of the government and continued to connect passengers and drivers through its app.

Since its start-up in Taiwan four years ago, the company has already arranged 15 million rides. According to the government, the only way to legalize Uber's ride-sharing services is to establish a new law related to it.