Regulation
Taiwan Crypto Industry Association officially becomes active with 24 participants
Taiwan’s cryptocurrency advocacy body, the Taiwan Virtual Asset Service Provider Association, was officially established during a founding meeting of 24 cryptocurrency-related entities, according to a report. announce the and one blog post by the blockchain company XREX.
The body will aim to serve as a bridge as the private sector and government work together to oversee the industry. Its first task will be to formulate a self-regulatory code that covers sector classification, listing and delisting, consumer protection, risk control, transaction monitoring and advertising solicitation, according to the blog.
Preparations for the creation of the association began in September, when nine entities came together to start the process.
Taiwan’s Ministry of the Interior approved the establishment of the body according to law in March 2024 and the founding meeting was held on Thursday. BitoPro founder and CEO Titan Cheng will serve as president and Winston Hsiao, chief revenue officer of XREX, will serve as vice president.
Taiwan has taken steps to introduce legislation to regulate the crypto sector after the FTX scandal forced it to change its previous rather passive stance.