Taiwan has officially established a cryptocurrency industry association under government guidance. This marks a proactive stance to regulate the crypto sector by creating a structured framework that promotes innovation while ensuring security.

The association’s formation reflects the government’s commitment to building robust regulations that address the unique challenges and opportunities cryptocurrencies present. By bringing industry stakeholders together, Taiwan aims to foster a responsible digital asset economy and position itself as a crypto-friendly envireonment.

Establishment of the Crypto Industry Association

Taiwan’s cryptocurrency industry has formed a new self-regulatory association of 24 registered crypto firms. Led by BitoPro CEO Titan Cheng and XREX’s Winston Hsiao, the Taiwan Virtual Asset Service Provider Association aims to develop guidelines classifying and managing virtual asset service providers. This step towards self-regulation comes with priority as Taiwan has faced various crime uprisings as regards the crypto sector like a recent fraud case involving 32 individuals from platforms like Ace Exchange.

The Financial Supervisory Commission believes proper crypto industry development is crucial for Taiwan’s economy. The association’s primary task is formulating self-regulatory rules balancing industry interests with consumer protection to create a trustworthy environment attracting domestic and global virtual asset participants.

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Current Regulatory Landscape and Future Directions

Taiwan is cracking down irregularities in the sector with crypto regulations. In July 2021, new rules required crypto firms to comply with anti-money laundering (AML) laws. However, most of the crypto industry remains unregulated, prompting a new crypto association to establish self-regulatory frameworks.

Last month, proposed amendments would force domestic and overseas crypto businesses in Taiwan to register for AML compliance or face up to 2 years in prison signaling the government’s tough stance against illicit financial activities.

Meanwhile, Taiwan’s Financial Supervisory Commission (FSC) has been monitoring Bitcoin ETFs throughout April to assess public demand and readiness. The FSC will soon release findings that could greenlight Taiwanese investors to resume buying overseas Bitcoin ETFs, reflecting an openness to crypto innovations within proper regulatory guardrails.

Also Read: Joe Biden Faces Backlash For Accepting Bitcoin And Crypto Donations

The post Taiwan Forms Official Crypto Association To Regulate Crypto Sector appeared first on CoinGape.

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