Taiwan Forms Industry Association for Crypto Self-Regulation

The post Taiwan Forms Industry Association for Crypto Self-Regulation appeared first on Coinpedia Fintech News

Taiwan has taken a step towards self-regulation today by officially establishing an industry association. Under government guidelines, the association is required to formulate self-supervisory rules. The CEO and founder of BitoPro will chair the association. Crypto service providers must comply with the AML laws introduced by the Financial Supervisory Commission in July 2021. Twenty-four crypto firms registered with the FSC for anti-money laundering compliance have joined the Taiwan Virtual Asset Service Provider Association. This is a crucial step for Taiwan to enhance its oversight of crypto trading platforms.