Cryptocurrency

Secure

Block

Million

Read

<ul>
 <li>Taiwan formed the Virtual Asset Service Provider Association with 24 crypto firms for regulatory oversight.</li>
 <li>BitoPro’s Titan Cheng chairs the association; XREX’s Winston Hsiao serves as vice chair.</li>
 <li>Taiwan aims to standardize VASP classification and management to align with global expectations.</li>
</ul>
<p>The formation of the Taiwan Virtual Asset Service Provider Association, which was entirely driven by government directives, represents a significant development in Taiwan’s cryptocurrency landscape regulation. This initiative demonstrates the country’s diligent approach to regulating its rapidly growing cryptocurrency market.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Taiwan forms crypto industry association as major step toward self-regulation <a href="https://t.co/gdaMof0uyz" rel="noopener noreferrer nofollow">https://t.co/gdaMof0uyz</a></p>— The Block (@TheBlock__) <a href="https://twitter.com/TheBlock__/status/1801164366407995901?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The newly established association is being developed by 24 prominent cryptocurrency firms that are already registered with the Financial Supervisory Commission.</p>
<p>Titan Cheng, Founder and CEO of BitoPro, a major Taiwanese exchange, is to assume the position of chairman for the association. Winston Hsiao, the co-founder and chief revenue officer of <a href="https://xrex.io/" target="_blank" rel="noopener noreferrer nofollow">XREX</a>, has been appointed vice chair of the association.</p>
<p>The establishment of this industry association is a significant step forward for Taiwan’s efforts to improve regulation of cryptocurrency exchanges. The government has mandated the association to create and administer self-regulatory frameworks.&nbsp;</p>
<p>The government’s support for this initiative was highlighted during the association’s inaugural meeting by Hsiho Huang, director of the <a href="https://www.fsc.gov.tw/en/" target="_blank" rel="noopener noreferrer nofollow">Financial Supervisory Commission’s</a> securities firms division.</p>
<p>One of the association’s main short-term goals is to develop comprehensive self-regulation guidelines. The purpose of these guidelines is to protect consumer rights by standardizing the management and classification of Virtual Asset Service Providers (VASPs) and guaranteeing industry alignment with governmental and market expectations.&nbsp;</p>
<p>In an effort to<a href="https://cryptonewsland.com/money-laundering-suspicions-shroud-manta-network-amid-token-success/" target="_blank" rel="noopener noreferrer nofollow"> strengthen current anti-money laundering (AML) regulations</a>, the Ministry of Justice has proposed new legislation that would require foreign and domestic cryptocurrency companies interested in entering Taiwan’s market to register for compliance or risk fines of up to two years in jail.</p>
<p>Taiwan is gaining international attention for its role in influencing the future of digital finance in the region as it leads the way in formalizing its cryptocurrency sector through coordinated regulatory efforts.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/taiwan-police-unravel-biggest-cryptocurrency-money-laundering-scheme/" rel="noopener noreferrer nofollow">Taiwan Police Unravel Biggest Cryptocurrency Money Laundering Scheme</a></li>
 <li><a href="https://cryptonewsland.com/taiwanese-trader-strikes-gold-wins-nt10-million-from-a-nt2-crypto-purchase-invoice/" rel="noopener noreferrer nofollow">Taiwanese Trader Strikes Gold: Wins NT$10 Million From a NT$2 Crypto Purchase Invoice</a></li>
 <li><a href="https://cryptonewsland.com/blockchain-association-posts-policy-counsel-job-amid-us-regulation-storm/" rel="noopener noreferrer nofollow">Blockchain Association Posts Policy Counsel Job Amid US Regulation Storm</a></li>
 <li><a href="https://cryptonewsland.com/grngrid-secures-50-million-usd-investment-commitment-from-gem-digital/" rel="noopener noreferrer nofollow">GRNGrid secures 50 million USD investment Commitment from GEM Digital</a></li>
 <li><a href="https://cryptonewsland.com/bidens-veto-on-sab-121-american-bankers-association-warns-of-setback-for-secure-crypto-custody/" rel="noopener noreferrer nofollow">Biden’s Veto on SAB 121: American Bankers Association Warns of Setback for Secure Crypto Custody</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/taiwan-launches-cryptocurrency-industry-association-what-does-this-mean-for-global-regulation/" rel="noopener noreferrer nofollow">Taiwan Launches Cryptocurrency Industry Association: What Does This Mean for Global Regulation?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Taiwan Launches Cryptocurrency Industry Association: What Does This Mean for Global Regulation?

Crypto News Land

Other articles published on Jun 13, 2024

Bitcoin Ownership Trends: Short-Term Spike As ETFs Gain Popularity – Report

IOTA price outlook: is it a buy after the latest ecosystem news?

MicroStrategy Plans to Raise $500 Million for Bitcoin Purchases

Michael Egorov Faces Increased Liquidation Risk

Trade Smart: Organizing Your Routine for Cryptocurrency Success

SEC Chair Gensler reveals when Ethereum ETFs will be approved

Join our free newsletter for daily crypto updates!