New Association in Taiwan Aims to Facilitate Self-Regulation for Crypto Companies
A coalition of cryptocurrency companies has partnered with a Taiwan-based association to create self-regulatory standards for the digital asset industry in the country.
On June 13, 24 crypto firms became founding members of the Taiwan Virtual Asset Service Provider (VASP) Association. Titan Cheng, founder and CEO of BitoPro, will lead the association, with Winston Hsiao, chief revenue officer of XREX, serving as vice chair. The group is committed to promoting fair and strict regulations to support the global growth of the blockchain finance sector.
As an association member, XREX stated, “[We will] collaborate with the government, Ministry of Justice, and law enforcement agencies to combat fraud and other illicit activities. The industry will contribute technology, expertise, and infrastructure to establish a joint defense platform and create international transfer rules that align with Taiwan’s standards for combating money laundering and fraud.”
Cointelegraph
The establishment of the VASP association comes in response to proposals by Taiwan’s Justice Ministry to amend Anti-Money Laundering (AML) regulations for virtual asset service providers. Under the proposed changes, noncompliant entities could face up to two years in prison or fines of up to $1.5 million. The Financial Supervisory Commission (FSC) of Taiwan also plans to introduce new regulations for digital assets in September.
During the announcement of the Virtual Asset Service Provider Association on June 13, FSC director Hsiho Huang stated, “The creation of this association will foster collaboration and consensus within the industry, promote compliance, standardization, and healthy growth, ensure the safety, transparency, and stability of the industry, and enhance consumer protections.”
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