The association was formed after the country’s Justice Ministry proposed AML amendments for crypto firms that could result in penalties, including up to two years in prison.
A group of cryptocurrency companies has joined a Taiwan-based association to develop self-regulatory standards for the country’s digital asset industry.
According to the XREX exchange, 24 crypto firms became the founding members of the Taiwan Virtual Asset Service Provider (VASP) Association on June 13. BitoPro founder and CEO Titan Cheng will chair the association, and XREX chief revenue officer Winston Hsiao will be the vice chair. The group said it was committed to “promoting and facilitating rigorous and fair regulations that help grow the blockchain finance industry globally.”
“[We will] cooperate with the government, the Ministry of Justice and law enforcement agencies to jointly combat fraud and other criminal activities,” said XREX as an association member. “The industry will also contribute technology, industrial knowledge and infrastructure to jointly establish an industrial joint defense platform and design international transfer rules that meet Taiwan’s needs (Travel Rule) standards, networks and alliances, to create currency flow scanning and tracking technology that is consistent with Taiwan’s money laundering and fraud patterns.”
