Ethereum

Taiwan’s Cryptocurrency Sector Granted Approval for Industry Association Formation

Taiwan’s Ministry of the Interior has approved the establishment of a cryptocurrency industry association, marking a significant step toward regulating the burgeoning sector.

The local cryptocurrency industry working group, which was formed last year to pave the way for the creation of the association, announced on Friday that it had received government approval for its application.

The working group is now tasked with finalizing all necessary preparations and officially establishing the cryptocurrency industry association by the end of June, as stipulated by government regulations.

Comprising 22 cryptocurrency firms, including prominent exchanges like MaiCoin and BitoPro, the working group has excluded ACE Exchange from its ranks due to ongoing investigations into alleged misconduct by its former executives.

Moving Towards Self-Regulation

While Taiwan currently mandates that cryptocurrency service providers adhere to anti-money laundering laws introduced by the Financial Supervisory Commission in July 2021, the sector largely operates without comprehensive regulation.

In September 2023, the FSC issued guidelines prioritizing customer protection for cryptocurrency firms. With the formation of an industry association, these firms aim to develop self-regulatory measures aligned with the FSC’s guidelines.

Featured Image: Freepik

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