As an experienced financial analyst, I believe that Taiwan’s proactive approach towards self-regulation of its crypto sector is commendable. The establishment of the Taiwan Virtual Asset Service Provider Association (TVASP) by 24 registered crypto firms is a significant step towards shaping the future of the industry through self-governance.
Taiwan is leaving nothing to chance in its cryptocurrency domain and has made a significant move toward self-regulation. This action comes after the establishment of an industry association within the country, marking their determination to create a strong regulatory structure overseeing their burgeoning digital asset market.
Taiwan Crypto Firms Join Forces for Regulation
The Taiwan Virtual Asset Service Providers Association (TVASP), which was announced on Thursday and comprises 24 crypto firms already complying with the Financial Supervisory Commission’s anti-money laundering regulations, is poised to influence the future direction of the crypto industry in Taiwan through self-governance. This development signifies a shift in Taiwan’s regulatory approach towards cryptocurrencies.
Under the leadership of Titan Cheng, CEO of BitoPro, a significant Taiwanese cryptocurrency exchange, and Winston Hsiao, co-founder and chief revenue officer of XREX, the TVASP Association aims to establish definitive and succinct rules for the sector.
As a crypto investor, I’m encouraged by Taiwan’s Financial Supervisory Commission (FSC) consistently expressing their commitment to fostering responsible growth within the digital asset sector. According to Hsiho Huang, the director of the FSC’s securities firms division, they understand the significant impact a thriving virtual asset industry can have on our society and economy.
As a researcher examining the TVASP Association, it seems that its formation aligns with my vision.
Previously mentioned, the organization intends to predominantly work on creating regulatory frameworks, specifically for classifying and rating Virtual Asset Service Providers (VASPs). This approach seeks harmony among industry expansion, regulatory supervision, and safeguarding consumers.
Building on Existing AML Regulations
I’ve analyzed Taiwan’s advancements in crypto regulation, and since last summer, the Financial Supervisory Commission (FSC) has required crypto service providers to adhere to Anti-Money Laundering (AML) regulations. More recently, the Ministry of Justice suggested modifications to current AML laws. These changes would oblige both local and international crypto businesses to register for AML compliance before they can legally operate in Taiwan. Failure to comply could result in imprisonment penalties of up to two years.
Through establishing the TVASP Association, cryptocurrency companies are actively collaborating with regulatory authorities to build a trustworthy and regulated crypto sector. Essentially, they’re partnering with governments to foster a prosperous and safe digital asset community.
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2024-06-13 12:48