Taiwan's cryptocurrency sector has taken a significant regulatory stride by establishing an industry association under governmental supervision. This development signifies a crucial advancement in the nation's initiatives to oversee the growing digital asset domain.

A total of 24 cryptocurrency entities compliant with anti-money laundering (AML) regulations, as registered with the Financial Supervisory Commission (FSC), have united to form the Taiwan Virtual Asset Service Providers Association (TVASPA). The group revealed this development in a statement released today.

Leading the association will be Titan Cheng, the founder and CEO of BitoPro, a prominent Taiwanese exchange. Winston Hsiao, the co-founder and chief revenue officer of XREX, will assume the role of vice president.

TVASPA's principal objective is to enhance supervision of cryptocurrency trading platforms through self-regulation. The government has tasked the association with crafting self-regulatory protocols to ensure the sector's sound progression.

The director of FSC's securities firms division, Hsiho Huang, emphasized the vital role of the virtual asset industry's development. He underscored the industry's correlation with societal and economic progress during the association's launch meeting.

The initial focus of the association post-establishment is to set up self-regulatory standards. These guidelines are intended to enable the categorization and rating management of Virtual Asset Service Providers (VASPs) in a manner that aligns with industry interests and governmental expectations, while safeguarding consumer rights.

This article does not provide investment advice.