Taiwan Establishes VASP Association, Cryptocurrencies in India See Big Win, and Singapore Fights Crypto Money Laundering –

This week in Crypto Asia the focus is on Taiwan!

The Taiwan Virtual Asset Service Provider (VASP) Association has been formally established, bringing together 24 cryptocurrency-related entities. The association aims to bridge the gap between the private sector and the government as they work together to oversee the sector.

Blockchain-enabled financial institution XREX celebrates the transition.

The association’s first task will be to formulate a self-regulatory code covering various aspects of the sector. The association’s tasks will also include classification, listing and delisting, consumer protection, risk control, transaction monitoring and advertising promotion.

The move comes at a time when Taiwan is taking steps to introduce legislation to regulate the cryptocurrency industry, particularly in the wake of the FTX scandal.

Collaboration between the private sector and government is expected to foster a more balanced and effective regulatory approach.

Indian High Court Rules Crypto Transactions Not Illegal

In a landmark ruling, India’s High Court has declared that cryptocurrency operations are not illegal in the country.

This decision comes as a relief to the crypto community in India, which has been grappling with regulatory uncertainty. The High Court ruling is expected to provide much-needed clarity and legitimacy to the sector.

While the ruling states that cryptocurrency transactions are not illegal, this does not necessarily mean that the industry is entirely unregulated.

The Indian government and financial authorities are still working on developing a comprehensive regulatory framework for cryptocurrencies. The envisaged framework could include guidelines for taxation, consumer protection and anti-money laundering measures.

Four offshore cryptocurrency exchanges are eyeing a return to India

Four offshore cryptocurrency exchanges have filed petitions with the Financial Intelligence Unit (FIU) seeking permission to resume operations in the country.

This follows approval given to global cryptocurrency exchanges Binance and KuCoin to restart their operations in India after resolving previous non-compliance issues.

To know more: Thailand’s SEC revokes cryptocurrency exchange Zipmex’s operating licenses

Singapore Condemns Crypto Money Laundering Culprit

A Singapore court has sentenced a man to 17 months in prison for his involvement in a crypto money laundering scheme.

The perpetrator, Jaromel Gee Ming Li, pleaded guilty to two charges under the Corruption, Drug Trafficking and Other Serious Crimes Act.

Gee had received instructions from an unknown person to create a Bitcoin wallet on LocalBitcoins, a peer-to-peer Bitcoin trading platform. He then received cash totaling S$269,000 (approximately US$201,000) from unknown persons on 11 occasions between February and March 2020.

Gee used the funds to purchase Bitcoin on LocalBitcoins and then transferred the cryptocurrency to a wallet address provided by the unknown person.

The court found that Gee had reasonable grounds to believe that the money he received arose from criminal conduct and that he had contributed to the laundering of the proceeds of crime.

TO EXPLORE: What are Bitcoin ETFs? A beginner’s guide

The coming months and years will likely bring further developments in the Asian crypto landscape.

As the world watches these developments closely, it remains to be seen how the lessons learned in Asia will influence the broader conversation around cryptocurrencies.

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

Source