- Nine crypto companies have announced plans to apply for the establishment of an industry association in mid-October and have formed a working group to expedite the process.
- Since July 2021, Taiwan has required virtual asset service providers (VASPs) to comply with anti-money laundering laws.
- The current working group consists of nine companies, including some of Taiwan’s leading exchanges like MaiCoin, BitoGroup, and ACE.
Taiwan’s crypto industry will establish a working group to accelerate regulations in the country; Nine companies will work jointly.
Accelerating Crypto Regulations in Taiwan
Taiwan’s crypto sector is laying the groundwork for an industry association in collaboration with the country’s financial regulatory authority, which is expected to officially release guidelines later this week.
In a joint statement released today, nine crypto companies announced their plans to apply for the establishment of an industry association in mid-October and revealed that they have formed a working group to expedite the process.
Since July 2021, Taiwan has required virtual asset service providers (VASPs) to comply with anti-money laundering laws. Otherwise, the sector remains largely unregulated in Taiwan.
However, the Financial Supervisory Commission (FSC) is expected to release a series of guidelines for VASPs regarding cryptocurrency trading and payment issues by the end of this month. Crypto companies hope that by forming an industry association, they can develop self-regulation rules based on these guidelines.
Wayne Huang, Founder and Group CEO of Taipei-based crypto exchange XREX, stated that the upcoming FSC guidelines could “give birth to a new industry, providing this new industry with legitimacy, a solid path for growth, and the ability to gain public trust more rapidly.”
The current working group consists of nine companies, including some of Taiwan’s leading exchanges like MaiCoin, BitoGroup, and ACE. According to the announcement, Winston Hsiao, Founder and Group CRO of XREX, serves as the chairman of the working group.
The working group’s draft plan indicates that, once an industry association is established, it also plans to encompass various types of crypto companies, including over-the-counter trading platforms, wealth investment platforms, custody service providers, and quantitative trading firms.
Upcoming Guidelines
As part of the upcoming guidelines, the FSC plans to restrict the operations of crypto exchanges without proper compliance records, as confirmed by a government official to COINOTAG earlier this month.
Binance, the world’s largest crypto exchange, applied for registration in Taiwan for AML compliance last month, as reported by COINOTAG.
