Taiwan's Crypto Companies Form Association to Advance Self-Regulation Guidelines
Summary:
A coalition of 24 cryptocurrency companies has established the Taiwan Virtual Asset Service Provider (VASP) Association, partnering with local authorities to develop self-regulatory standards for Taiwan's digital asset industry. The group aims to foster strict yet fair regulations to boost international blockchain finance growth, combat fraud, and design transfer protocols aligned with Taiwan's needs. Following this move, Taiwan's Justice Ministry proposed changes to Anti-Money Laundering regulations. The country's Financial Supervisory Commission also plans to introduce new digital asset regulations in September.
A coalition of companies operating in the cryptocurrency sector has partnered with an association in Taiwan aiming to devise self-regulation guidelines for the country's digital currency industry. The Taiwan Virtual Asset Service Provider (VASP) Association was established by 24 crypto companies on June 13, reports XREX exchange. BitoPro's CEO and founder, Titan Cheng, will serve as the association's chairperson while XREX's chief revenue officer, Winston Hsiao, will take on the role of vice chair. The association stated its commitment to fostering strict yet fair regulations to further the growth of the international blockchain finance sector.
XREX, as part of the association, revealed that they plan to collaborate with the government, the Ministry of Justice, and law enforcement to tackle fraud and related crimes and to design international transfer protocols that align with Taiwan's requirements. They also hope to lend their existing resources, industry expertise, and developing technology to curate an industry-wide defensive platform.
Following this, officials from Taiwan's Justice Ministry proposed changes to Anti-Money Laundering (AML) regulations for businesses providing virtual asset services. The proposed alterations suggest that non-adherents could face imprisonment for up to two years or be subject to penalties of around $1.5 million. The Financial Supervisory Commission (FSC) in Taiwan indicated that it has plans to reveal new digital asset regulations in September.
Joining the announcement event for the new VASP Association on June 13, Hsiho Huang, an FSC director, opined that the creation of the association would promote greater consensus in the industry, standardization, and wholesome industry growth. He also noted that it would ensure industry stability, transparency, and safety while bolstering consumer rights protection.
Published At
6/13/2024 10:49:08 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.