Taiwan Establishes Crypto Industry Association for Regulation and Innovation
Taiwan has taken the initiative in its cryptocurrency sector and has done so by creating a self-regulatory organization under the monitoring of the government.
With CEO Titan Cheng of BitoPro and Winston Hsiao of XREX, the Taiwan Virtual Asset Service Provider Association has 24 crypto companies involved in the union’s operation.
Through this project, Taiwan is going to set up rules on how to designate and control virtual asset service providers, which food regulatory gaps and at the same time are aimed at consolidating the safe and innovative digital economy.
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The association’s establishment emphasizes Taiwan’s commitment to strict crypto regulations, which provide the required economic stability.
The recent measures are the prevention of money laundering and the introduction of strict modifications for the local and international crypto businesses, which are strong signals of the government’s endeavors to the control of the financial market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
