Taiwan Forms Crypto Industry Association, Consisting of 24 Crypto Companies!

Bittime - Taiwan officially forms a crypto industry association as a step forward in regulating this rapidly growing sector. This association was formed under the guidance of the Taiwanese government and aims to encourage self-regulation in the crypto industry.

Member Association of 24 Crypto Companies

A total of 24 crypto companies that have registered with the Financial Supervisory Commission (FSC) for Anti-Money Laundering (AML) compliance have officially joined the Taiwan Virtual Asset Service Provider Association. 

Titan Cheng, founder and CEO of BitoPro, one of the leading crypto exchanges in Taiwan, was named chairman of the association. Meanwhile, Winston Hsiao, co-founder and chief revenue officer of XREX, will serve as vice chairman.

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Increased Supervision of Crypto Exchanges

The formation of this association is an important step for Taiwan to increase supervision of crypto exchanges. The Taiwanese government has required associations to formulate self-monitoring rules.

Hsiho Huang, director of the securities company division at FSC, stated that FSC attaches great importance to the development of the virtual assets industry. According to him, the development of this industry is closely related to the progress of society and the economy.

The association said that the main task after formation was to formulate self-regulatory guidelines. This guideline aims to appropriately classify and assess virtual asset service managers (VASPs).

AML and Crypto Regulation in Taiwan

Currently, Taiwan requires crypto service providers to comply with AML regulations since the FSC implemented these rules in July 2021. However, outside of AML regulations, the crypto industry in Taiwan still does not have comprehensive regulations.

Last month, Taiwan's Ministry of Justice proposed amendments to existing AML regulations. This amendment requires domestic and overseas crypto companies wishing to operate in Taiwan to register for AML compliance. If they do not comply with these regulations, crypto companies face prison sentences of up to two years.

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Taiwan Crypto Law Progress

The formation of the crypto industry association marks significant progress in crypto regulation in Taiwan. With this association, it is hoped that the crypto industry in Taiwan can grow healthily and under control through effective self-regulation. This step can also increase investor confidence in crypto assets and encourage innovation in Taiwan's digital financial sector.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Cryptocurrency Regulation in Taiwan: A Phased Approach for Rapid Development

China Involves Many Technology Giant Companies to Work on the Metaverse

What is China Asset Management and its Role in Crypto?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.