Under the guidance of the government, Taiwan’s cryptocurrency sector has officially formed an industry association today, bringing the country closer to regulating the growing industry.
The Taiwan Virtual Asset Service Provider Association, consisting of 24 crypto firms registered with the Financial Supervisory Commission for anti-money laundering compliance, was announced through a statement released on Thursday.
The association will be chaired by Titan Cheng, CEO of major exchange BitoPro, with XREX co-founder and chief revenue officer Winston Hsiao serving as vice chair.
This establishment is a critical move for Taiwan to strengthen its supervision of crypto trading platforms, as the government has directed the association to develop self-regulatory measures.
“The FSC considers the growth of the virtual asset industry as a matter of utmost importance. We recognize that its healthy development is closely tied to the progress of our society and economy,” Hsiho Huang, director of the FSC’s securities firms division, stated during the launch meeting on Thursday.
