Taiwan’s cryptocurrency sector officially established an industry association today under the government’s guidance, as the country moves closer to regulating the nascent sector.
A total of 24 crypto firms—which have registered with the Financial Supervisory Commission for anti-money laundering compliance—have joined the Taiwan Virtual Asset Service Provider Association, according to a statement released Thursday by the group.
The association will be chaired by Titan Cheng, founder and CEO of BitoPro, one of the major exchanges in Taiwan. Winston Hsiao, co-founder and chief revenue officer of XREX, will serve as the vice chair of the association.
The establishment of the crypto industry association is a crucial step for Taiwan to enhance its oversight of crypto trading platforms. The government has mandated that the association come up with self-supervisory rules.
“The FSC places great importance on 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 the economy,” Hsiho Huang, director of the securities firms division at the FSC, said at the launch meeting on Thursday.
The association said that the primary task after establishment is to formulate the self-regulatory guidelines, aiming to properly implement the classification and grading management of VASPs. “This will cater to the interests and development of the industry while also meeting government expectations and protecting consumer rights,” the association added.
Currently, Taiwan requires cryptocurrency service providers to comply with AML laws since the FSC introduced anti-money laundering rules in July 2021. Otherwise, the crypto industry remains largely unregulated.
Last month, the Ministry of Justice proposed amendments to the existing AML laws that would require domestic and overseas crypto firms seeking to operate in Taiwan to register for AML compliance. Failure to do so could result in imprisonment for up to two years.
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