24 crypto firms have formed the Taiwan Virtual Asset Service Provider (VASP) Association to develop self-regulatory standards for the country's digital asset industry. The association, chaired by BitoPro founder Titan Cheng, aims to promote fair regulations and combat fraud in collaboration with the government and law enforcement agencies. The move follows Taiwan's Justice Ministry's proposal to amend Anti-Money Laundering regulations for virtual asset service providers, with noncompliance potentially leading to two years in prison or fines up to $1.5 million.