🚀 Taiwan is stepping up in the crypto world! Today, the country formed its first cryptocurrency industry association, moving closer to regulating the sector.
A total of 24 crypto firms, all compliant with anti-money laundering rules, have joined the Taiwan Virtual Asset Service Provider Association. Titan Cheng of BitoPro will chair, and Winston Hsiao of XREX will serve as vice chair.
This new association is a major step toward self-regulation, with the government mandating the creation of self-supervisory rules. The Financial Supervisory Commission (FSC) sees this as vital for the industry's healthy growth, closely tied to societal and economic development.
The association's first mission is to set self-regulatory guidelines, balancing industry interests with government expectations and consumer protection. Taiwan already requires crypto service providers to comply with AML laws, and new proposals may soon tighten these regulations further.
Exciting times ahead for Taiwan's crypto landscape! 🌟🔒🪙
