Key Takeaways:
- Formation of VASP Association: 24 cryptocurrency companies in Taiwan formed the Taiwan Virtual Asset Service Provider (VASP) Association to establish self-regulatory standards for the digital asset industry.
- Leadership and Objectives: Titan Cheng of BitoPro and Winston Hsiao of XREX lead the association, focusing on fraud prevention, AML technology development, and international transfer compliance.
- Regulatory Context: This initiative aligns with Taiwan’s proposed AML regulation amendments and upcoming digital asset regulations by the FSC, aiming to enhance industry cooperation, compliance, and consumer protection.
On June 13, 2024, a group of 24 cryptocurrency companies in Taiwan formed the Taiwan Virtual Asset Service Provider (VASP) Association to create self-regulatory standards for the country’s digital asset industry.
Titan Cheng of BitoPro is the chair, and Winston Hsiao of XREX is the vice chair.
We celebrate this momentous day with all virtual asset service providers in #Taiwan as an official industry association is formed.
— XREX Inc. (@xrexinc) June 13, 2024
This marks an important milestone in an ongoing process towards a consultative and unique regulatory model for the #VASP industry in Taiwan. (1/4) pic.twitter.com/thzW3htCy2
The association aims to work with the government and law enforcement to combat fraud, develop AML (Anti-Money Laundering) technologies, and establish international transfer rules compliant with Taiwan’s standards.
NEW: 🇹🇼 Taiwan creates #Bitcoin and crypto industry association under the government’s guidelines.
— Bitcoin Magazine (@BitcoinMagazine) June 13, 2024
Gradually then suddenly 🙌 pic.twitter.com/zph3eLZYqY
This initiative follows Taiwan’s Justice Ministry’s proposal to amend AML regulations for virtual asset providers, including penalties for noncompliance, and the Financial Supervisory Commission’s (FSC) plans to introduce new digital asset regulations in September.
Taiwan forms crypto industry association as major step toward self-regulation https://t.co/gdaMof0uyz
— The Block (@TheBlock__) June 13, 2024
The VASP Association is expected to enhance industry cooperation, compliance, consumer protection, and the overall stability and transparency of the digital asset sector.
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