Taiwan’s cryptocurrency industry is taking steps towards
establishing an industry association in collaboration with its financial
regulator. This move comes ahead of the expected release of official guidelines
later this week.
In
a collective statement, nine cryptocurrency firms have announced their intent
to apply for the formation of an industry association by mid-October. To
expedite the process, they have formed a dedicated working group.
Since
July 2021, Taiwan has mandated virtual asset services providers (VASPs) to
adhere to anti-money laundering (AML) laws, as introduced by the Financial
Supervisory Commission (FSC). However,
beyond these AML regulations, the broader cryptocurrency industry in Taiwan has
largely operated without formal oversight. The
FSC is on the verge of unveiling comprehensive guidelines pertaining to
cryptocurrency trading and payments for VASPs by the end of this
month.
Taiwan’s
Commitment to Enhancing Regulatory Compliance
In
anticipation of these guidelines, cryptocurrency companies are keen to
establish an industry association that can develop self-regulatory rules
aligned with the forthcoming regulatory framework.
Wayne
Huang, co-founder and Group CEO of Taipei-based crypto exchange XREX, expressed
optimism about the FSC’s impending guidelines. He believes that these
guidelines could give birth to a new industry, providing legitimacy, oversight,
a clear path for…
