Taiwan authorities have approved the creation of a cryptocurrency association

The Ministry of Internal Affairs of Taiwan has approved the creation of an association of the crypto industry in the republic. Local crypto companies will work out the rules of self-control based on the recommendations of the financial regulator.

Taiwan authorities have approved the creation of a cryptocurrency association

The working group was formed last year, but now it has received a "green light" from the government, which has expressed its readiness to regulate the developing cryptocurrency sector. The Task Force needs to complete all the preparatory work and officially establish a cryptocurrency association by the end of June.

Currently, the industry group includes 22 crypto companies, including major Taiwanese exchanges MaiCoin and BitoPro. The ACE Exchange has been excluded from the association, as the prosecutor's office is investigating the activities of the site due to alleged offenses by its leaders. In January, law enforcement authorities in Taiwan detained ACE Exchange President Wang Chenhuan on suspicion of fraud and money laundering.

According to the laws of Taiwan, virtual asset service providers (VASPs) are required to comply with the anti-money laundering rules submitted by the Taiwan Financial Supervision Commission (FSC) in July 2021. In September 2023, the FSC published recommendations that focus on protecting clients of crypto companies. Therefore, VASP hopes that through the creation of an industry association, rules based on the FSC guidelines will be developed, and at the same time these rules will allow cryptocurrency service providers to independently control their activities.

Source: https://bits.media/vlasti-tayvanya-odobrili-sozdanie-kriptovalyutnoy-assotsiatsii/

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