Taking an important step towards formalizing the cryptocurrency industry, Taiwan's Ministry of Internal Affairs has approved the establishment of an industry association by the local crypto industry.
This move marks the government's progress towards regulating the domestically developing cryptocurrency space.
Taiwan Approves Formation of Crypto Industry Association, Approaches Regulatory Framework
The local cryptocurrency industry working group, which met last year to pave the way for the establishment of an industry association, announced today that it has received official approval from the government for its application.
The green light from the authorities marks a pivotal moment for the cryptocurrency industry in Taiwan.
According to the working group, the next step includes completing all necessary preparations to officially establish the crypto industry association by the end of June in accordance with government requirements.
This milestone underscores collaborative efforts between industry stakeholders and regulatory authorities to create a framework for responsible cryptocurrency transactions in Taiwan.
Currently, the working group consists of 22 cryptocurrency firms, including leading exchanges such as MaiCoin and BitoPro.
ACE Exchange, in particular, was removed from the group by prosecutors amid ongoing investigations into alleged misconduct by its former executives.
The establishment of a crypto industry association represents a significant step towards self-regulation in the industry.
While Taiwan currently requires cryptocurrency service providers to comply with anti-money laundering laws introduced by the Financial Supervisory Commission in July 2021, the broader crypto industry remains largely unregulated.
*This is not investment advice.
