Taiwan creates crypto industry association

Taiwan has formally launched a crypto industry association under government oversight. This initiative represents a proactive effort to regulate the crypto sector, creating a structured framework that encourages innovation while ensuring security.

The creation of the association demonstrates the government’s dedication to developing robust regulations that tackle the unique challenges and opportunities posed by cryptocurrencies. By uniting industry stakeholders, Taiwan aims to cultivate a responsible digital asset economy and establish itself as a crypto-friendly environment.

• Formation of Self-Regulatory Association: Taiwan’s crypto industry established a 24-member self-regulatory association to develop guidelines for managing virtual asset service providers.

• Government Commitment: The Financial Supervisory Commission (FSC) stresses the importance of crypto industry regulation for economic growth and consumer protection.

• Regulatory Measures: New AML compliance rules for crypto firms, with potential prison penalties for non-compliance, and FSC’s ongoing evaluation of Bitcoin ETFs to support regulated crypto innovations.