A consortium of cryptocurrency companies has teamed up with a Taiwan-based association to create self-regulatory guidelines for the nation’s digital asset sector. On June 13, 24 crypto firms officially became the founding members of the Taiwan Virtual Asset Service Provider (VASP) Association, with Titan Cheng, founder, and CEO of BitoPro, as the association’s chair, and Winston Hsiao, chief revenue officer of XREX, as vice chair. The group is dedicated to promoting and enabling stringent and equitable regulations to foster the global growth of the blockchain finance industry.
“As members of the association, we will collaborate with the government, the Ministry of Justice, and law enforcement agencies to collectively combat fraud and other illicit activities,” stated XREX. “The industry will also provide technology, industrial expertise, and infrastructure to establish an industrial defense platform and develop international transfer protocols that align with Taiwan’s requirements (Travel Rule) in terms of standards, networks, and alliances. This will involve creating currency flow monitoring and tracking technology that aligns with Taiwan’s anti-money laundering and fraud trends.”
The formation of the VASP association came after officials from Taiwan’s Justice Ministry suggested that the country revise its Anti-Money Laundering (AML) regulations for virtual asset service providers. The proposed amendments could result in up to two years in prison or fines of up to $1.5 million for those who fail to comply. The Financial Supervisory Commission (FSC) of Taiwan also revealed plans to introduce new regulations for digital assets in September.
“The establishment of this association will promote greater cooperation and consensus within the industry, encouraging compliance, standardization, and healthy growth,” stated Hsiho Huang, an FSC director, during the announcement of the Virtual Asset Service Provider Association on June 13. The goal is to ensure the safety, transparency, and stability of the industry and enhance consumer protection.
Source:
XREX
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