Taiwan's cryptocurrency industry took a significant step towards regulation today with the establishment of an industry association under government guidance. This marks a pivotal move in the country's efforts to regulate the burgeoning digital asset industry.
Taiwan Forms Crypto Industry Association as a Step Towards Self-Regulation
A total of 24 cryptocurrency firms registered with the Financial Supervisory Commission (FSC) for anti-money laundering (AML) compliance have joined the newly formed Taiwan Virtual Asset Service Providers Association (TVASPA). This situation was announced by the group in a statement made today.
The association will be managed by Titan Cheng, founder and CEO of BitoPro, one of Taiwan's leading exchanges. Winston Hsiao, XREX's co-founder and chief revenue officer, will serve as vice president.
TVASPA's primary goal is to increase oversight of crypto trading platforms through self-regulation. The government tasked the association with developing self-regulatory rules to ensure the healthy development of the sector.
“FSC attaches great importance to the development of the virtual asset industry. We believe that the healthy development of this industry is closely related to the development of society and economy,” Hsiho Huang, director of FSC's securities firms division, said during the launch meeting.
Following its establishment, the association's first task is to establish self-regulatory guidelines.
These guidelines aim to implement the classification and rating management of Virtual Asset Service Providers (VASPs) in a way that is consistent with both the industry's interests and the government's expectations while protecting consumer rights.
*This is not investment advice.