Taiwan is taking significant steps towards regulating its cryptocurrency industry by establishing an industry association with government guidance. This move marks a crucial development in the country’s efforts to oversee the growing digital asset sector.
The Taiwan Virtual Asset Service Providers Association (TVASPA) was formed with the participation of 24 cryptocurrency firms that have registered with the Financial Supervisory Commission (FSC) for anti-money laundering (AML) compliance. The association, led by Titan Cheng, the CEO of BitoPro, and Winston Hsiao, the chief revenue officer of XREX, aims to increase oversight of crypto trading platforms through self-regulation.
The government has entrusted the association with developing self-regulatory rules to ensure the healthy growth of the sector. Hsiho Huang, the director of FSC’s securities firms division, emphasized the importance of the virtual asset industry’s development for the overall progress of society and the economy.
The first task of the association is to establish self-regulatory guidelines that will classify and rate Virtual Asset Service Providers (VASPs) in line with industry interests and government expectations, while also safeguarding consumer rights. This initiative is crucial for maintaining a balance between industry growth and consumer protection.
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