Taiwan has formed an association to help crypto companies regulate themselves.
A group of cryptocurrency companies has joined a Taiwan-based association for self-regulation of the country's digital asset industry.
According to the XREX exchange, 24 crypto companies have become founding members of the Taiwan Virtual Asset Service Provider (VASP) Association. chair. The group said it is “committed to promoting and facilitating strict and fair regulations that will help grow the blockchain financial industry globally.”
“[We will] Cooperating with the government, the Ministry of Justice and law enforcement agencies to jointly fight fraud and other criminal activities,” said XREX as an association member. “The industry will contribute technology, industry know-how and infrastructure to jointly establish an industry common defense platform and design international transfer rules that meet Taiwan's needs (travel regulation) standards, networks and alliances, to create consistent cash flow scanning and tracking technology. Money laundering and fraud in Taiwan .
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The formation of the VASP Association comes after officials from Taiwan's Ministry of Justice proposed that the country revise its anti-money laundering (AML) regulations for virtual property service providers. Under the proposed amendment, those who do not follow the law could face up to two years in prison or a fine of up to $1.5 million. Taiwan's Financial Supervisory Commission also announced plans to introduce new digital asset regulations in September.
“The establishment of the association will bring more cooperation and understanding to the industry, promote compliance, standardization and healthy development of the industry, ensure the safety, transparency and stability of the industry, and enhance the protection of consumer rights,” Hsiho Huang said. On June 13, the FSC Director was present at the announcement of the Virtual Property Service Provider Association.
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