Taiwan forms crypto industry association as major step toward self-regulation

Taiwan has established the Taiwan Virtual Asset Service Provider Association, an industry association for the cryptocurrency sector, under the guidance of the government.

The association, which includes 24 crypto firms that have registered with the Financial Supervisory Commission for anti-money laundering compliance, will be responsible for formulating self-supervisory rules.

The establishment of the association is an important step for Taiwan in enhancing its oversight of crypto trading platforms and meeting government expectations.

The primary task of the association is to formulate self-regulatory guidelines to properly implement the classification and grading management of virtual asset service providers.

https://www.theblock.co/post/299888/taiwan-forms-crypto-industry-association-as-major-step-toward-self-regulation