Crypto:
30604
Bitcoin:
$62.654
% 4.59
BTC Dominance:
%53.6
% 0.35
Market Cap:
$2.21 T
% 1.97
Fear & Greed:
33 / 100
Bitcoin:
$ 62.654
BTC Dominance:
% 53.6
Market Cap:
$2.21 T

Taiwan Grants Crypto Industry Greenlight to Form Self-Regulating Association

Taiwan

Taiwan’s cryptocurrency sector has taken a significant step towards official recognition with the government approving the formation of an industry association. This move paves the way for self-regulation within the burgeoning crypto space in the country.

The local crypto industry working group, established in 2023 to lay the groundwork for an industry association, announced government approval for its application on Friday. This approval grants them the legitimacy to formally establish the association by June 2024, as mandated by the government.

Industry Giants Included, Troubled Exchange Removed

The working group currently boasts 22 member firms, including prominent Taiwanese cryptocurrency exchanges like MaiCoin and BitoPro. Notably, ACE Exchange was excluded due to ongoing investigations by prosecutors into alleged misconduct by its former executives.

While Taiwan currently enforces anti-money laundering (AML) compliance for crypto service providers through regulations introduced in 2021, the broader crypto industry remains largely unregulated. The newly approved association presents an opportunity for crypto firms to develop self-regulatory measures aligned with the Financial Supervisory Commission’s (FSC) customer protection guidelines issued in September 2023.

This development signifies a potential turning point for Taiwan’s crypto sector, fostering a more structured and potentially more attractive environment for cryptocurrency businesses and enthusiasts.

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