A consortium of cryptocurrency firms has united with a Taiwan-based organization to create self-regulatory guidelines for the nation’s digital asset sector. On June 13, 24 crypto companies officially established the Taiwan Virtual Asset Service Provider (VASP) Association. Titan Cheng, the founder and CEO of BitoPro, has been appointed as the association’s chair, with Winston Hsiao, the chief revenue officer of XREX, serving as the vice chair. The group has pledged to support the implementation of stringent and equitable regulations to foster the growth of the global blockchain finance industry.
As a member of the association, XREX declared, “[We will] collaborate with the government, the Ministry of Justice, and law enforcement agencies to collectively combat fraud and other illicit activities.” The industry intends to contribute technology, expertise, and infrastructure to establish a collaborative defense platform and formulate international transfer guidelines that align with Taiwan’s standards for the Travel Rule, networks, and alliances. This initiative aims to develop currency flow monitoring and tracking technology that aligns with Taiwan’s anti-money laundering and fraud detection practices.
The launch of the VASP association comes on the heels of proposals from Taiwan’s Justice Ministry to amend the Anti-Money Laundering (AML) regulations for virtual asset service providers. The suggested revisions could subject non-compliant entities to penalties of up to two years in prison or fines reaching $1.5 million. Additionally, Taiwan’s Financial Supervisory Commission (FSC) has announced plans to introduce new regulations for digital assets in September.
Hsiho Huang, a director at the FSC, emphasized the significance of the association’s formation in enhancing industry cooperation, fostering compliance, standardization, and healthy growth, ensuring industry safety, transparency, stability, and bolstering consumer protection. The Virtual Asset Service Provider Association announcement on June 13 marked a milestone in the advancement of the digital asset sector in Taiwan.
Source:
XREX
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