A consortium of cryptocurrency companies has united with a Taiwan-based organization to establish self-regulatory guidelines for the nation’s digital asset sector.
On June 13, 24 crypto businesses officially became the founding members of the Taiwan Virtual Asset Service Provider (VASP) Association, as reported by XREX exchange. Titan Cheng, the founder and CEO of BitoPro, will lead the association, with Winston Hsiao, the chief revenue officer of XREX, serving as the vice chair. The collective expressed their dedication to “advocating and facilitating stringent and equitable regulations that support the global growth of the blockchain finance industry.”
“As an association member, we will collaborate with the government, the Ministry of Justice, and law enforcement agencies to collectively combat fraud and other illicit activities,” XREX stated. “The industry will contribute technological advancements, industrial expertise, and infrastructure to establish a collaborative defense platform and formulate international transfer protocols that align with Taiwan’s requirements (Travel Rule) in terms of standards, networks, and alliances. This includes developing currency flow monitoring and tracking technology that aligns with Taiwan’s anti-money laundering and fraud trends.”
The formation of the VASP association transpired following proposals from officials of Taiwan’s Justice Ministry to amend the country’s Anti-Money Laundering (AML) regulations for virtual asset service providers. The proposed changes could result in non-compliant entities facing imprisonment for up to two years or fines reaching $1.5 million. Additionally, Taiwan’s Financial Supervisory Commission (FSC) disclosed plans to introduce new regulations for digital assets in September.
Hsiho Huang, a director at FSC, who was present during the announcement of the Virtual Asset Service Provider Association on June 13, emphasized that “the establishment of the association will foster greater collaboration and consensus within the industry, promote adherence to regulations, standardization, and the healthy growth of the sector, ensuring its safety, transparency, and stability, while enhancing consumer protections.”
Source:
XREX
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