24 Crypto Firms Collaborate to Establish Self-Regulatory Standards in Taiwan
A consortium of 24 cryptocurrency companies has come together to form the Taiwan Virtual Asset Service Provider (VASP) Association, aimed at developing self-regulatory standards for the digital asset industry in Taiwan.
According to an official announcement on June 13, BitoPro founder and CEO Titan Cheng has assumed the role of chair and Winston Hsiao, chief revenue officer of XREX, will be serving as vice chair.
The group expressed its commitment to promoting robust and equitable regulations that foster the global growth of blockchain finance.
The association, in collaboration with the government, the Ministry of Justice, and law enforcement agencies, aims to combat fraud and other criminal activities within the industry.
As a member of the association, XREX stated its intention to contribute technology, industry knowledge, and infrastructure to establish a joint defense platform and design international transfer rules that align with Taiwan’s requirements.
This includes developing currency flow scanning and tracking technology that is consistent with Taiwan’s patterns of money laundering and fraud.
The formation of the VASP association follows a proposal by officials from Taiwan’s Justice Ministry to amend the Anti-Money Laundering (AML) regulations for virtual asset service providers.
The proposed amendments could result in noncompliant entities facing up to two years in prison or fines of up to $1.5 million.
Additionally, Taiwan’s Financial Supervisory Commission (FSC) has announced plans to introduce new digital asset regulations in September.
“The establishment of the association will bring more cooperation and consensus to the industry, promote compliance, standardization and healthy development of the industry, ensure
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