Regulation
The Taiwan Crypto Industry Association becomes formally active with 24 participants
Taiwan’s cryptocurrency advocacy body, the Taiwan Virtual Asset Service Provider Association, was formally established with a founding meeting of 24 cryptocurrency-related entities, according to a ad on X it’s a blog post from the blockchain company XREX.
The body will aim to act as a bridge as the private sector and government work together to oversee the sector. Its first task will be to formulate a self-regulatory code covering industry classification, listing and delisting, consumer protection, risk control, transaction monitoring and advertising solicitation, according to the post on blog.
Preparations for the association’s formation began in September, when nine entities came together to begin the process.
Taiwan’s Ministry of the Interior approved the establishment of the body in line with the law in March 2024, and the founding meeting was held on Thursday. BitoPro founder and CEO Titan Cheng will serve as president and XREX Chief Revenue Officer Winston Hsiao will serve as vice president.
Taiwan has taken steps to introduce legislation to regulate the cryptocurrency sector after the FTX scandal forced it to change its previously fairly neutral stance.