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<ul>
 <li>24 leading Taiwan-based crypto exchange firms have joined to form a crypto industry association.</li>
 <li>The FSC has been focusing on crypto regulations in Taiwan since 2017.</li>
</ul>
In the past few months, crypto regulatory policies have witnessed a global upscale. Countries such as Zimbabwe have initiated regulatory measures earlier this year. Amid crucial regulatory events, Taiwan announced the launch of a ‘crypto industry association’ encompassing leading members from 24 crypto firms.&nbsp;
The association, “Taiwan Virtual Asset Service Provider Association” (TVASP), includes members who have registered with Taiwan’s Financial Supervisory Commission (FSC). This supervisory commission is particularly focused on anti-money laundering compliance.&nbsp;
Moreover, the Taiwan government has taken crucial steps as it scrutinizes regulations of the overall crypto sector. It aims to establish a robust regulatory framework that would aid the government in navigating the evolving crypto space.&nbsp;
Notably, the association is chaired by the CEO of the leading Taiwanese exchange BitoPro, Titan Cheng. Meanwhile, Winston Hsiao, the co-founder and chief revenue officer of XREX Group, takes the vice chair position. Importantly, the association aims to self-govern the crypto sector under the government’s guidance.&nbsp;&nbsp;
An FSC spokesperson stated at the TVASP launch meeting;&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “We believe that the healthy development of this industry is closely related to the development of society and the economy.”
</blockquote>
The FSC has been working closely on regulations since 2017. In 2021, it initiated anti-money laundering (AML) compliance, <a href="https://law.fsc.gov.tw/EngNewsList.aspx" target="_blank" rel="noopener noreferrer nofollow">mandatory</a> for crypto service providers.
<h3 class="wp-block-heading" id="h-what-does-taiwan-s-crypto-regulatory-landscape-look-like-nbsp">What Does Taiwan’s Crypto Regulatory Landscape Look Like?&nbsp;</h3>
According to <a href="https://rue.ee/blog/crypto-in-taiwan/" target="_blank" rel="noopener noreferrer nofollow">sources</a>, the Taiwan government has shown increasing interest in blockchain technologies. Additionally, the nation has also extended its support to blockchain-based startups.&nbsp;
As aforementioned, the FSC first introduced crypto regulatory measures in 2017 by mandating licenses for exchanges. Recently, in May the FSC <a href="https://thenewscrypto.com/taiwan-to-enforce-strict-laws-against-virtual-asset-tied-money-laundering/" target="_blank" rel="noopener noreferrer nofollow">introduced</a> four new laws to control money laundering.&nbsp;
Moreover, such developments have been witnessed in other countries. Turkey’s ruling party recently <a href="https://thenewscrypto.com/turkeys-governing-party-proposes-crypto-regulation-bill-to-parliament/" target="_blank" rel="noopener noreferrer nofollow">proposed</a> a regulation bill to its parliament.&nbsp;
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Taiwan Announces Launch of Crypto Association Amid Regulatory Developments

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