• 24 leading Taiwan-based crypto exchange firms have joined to form a crypto industry association.

  • The FSC has been focusing on crypto regulations in Taiwan since 2017.

In the past few months, crypto regulatory policies have witnessed a global upscale. Countries such as Zimbabwe have initiated regulatory measures earlier this year. Amid crucial regulatory events, Taiwan announced the launch of a ‘crypto industry association’ encompassing leading members from 24 crypto firms. 

The association, “Taiwan Virtual Asset Service Provider Association” (TVASP), includes members who have registered with Taiwan’s Financial Supervisory Commission (FSC). This supervisory commission is particularly focused on anti-money laundering compliance. 

Moreover, the Taiwan government has taken crucial steps as it scrutinizes regulations of the overall crypto sector. It aims to establish a robust regulatory framework that would aid the government in navigating the evolving crypto space. 

Notably, the association is chaired by the CEO of the leading Taiwanese exchange BitoPro, Titan Cheng. Meanwhile, Winston Hsiao, the co-founder and chief revenue officer of XREX Group, takes the vice chair position. Importantly, the association aims to self-govern the crypto sector under the government’s guidance.  

An FSC spokesperson stated at the TVASP launch meeting; 

“We believe that the healthy development of this industry is closely related to the development of society and the economy.”

The FSC has been working closely on regulations since 2017. In 2021, it initiated anti-money laundering (AML) compliance, mandatory for crypto service providers.

What Does Taiwan’s Crypto Regulatory Landscape Look Like? 

According to sources, the Taiwan government has shown increasing interest in blockchain technologies. Additionally, the nation has also extended its support to blockchain-based startups. 

As aforementioned, the FSC first introduced crypto regulatory measures in 2017 by mandating licenses for exchanges. Recently, in May the FSC introduced four new laws to control money laundering. 

Moreover, such developments have been witnessed in other countries. Turkey’s ruling party recently proposed a regulation bill to its parliament. 

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