Taiwan is making significant strides in regulating its digital asset industry by establishing a new industry association under government guidance. The Taiwan Virtual Asset Service Providers Association (TVASPA) has been formed with 24 cryptocurrency firms registered with the Financial Supervisory Commission (FSC) for anti-money laundering (AML) compliance.
Led by Titan Cheng, the founder and CEO of BitoPro, and Winston Hsiao, co-founder and chief revenue officer of XREX, the association aims to increase oversight of crypto trading platforms through self-regulation. The government has tasked the association with developing self-regulatory rules to ensure the healthy growth of the sector.
During the launch meeting, Hsiho Huang, director of FSC’s securities firms division, emphasized the importance of the virtual asset industry’s development for the overall society and economy. The association’s first task is to establish self-regulatory guidelines that prioritize the classification and rating management of Virtual Asset Service Providers (VASPs) while protecting consumer rights.
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