Key takeaways:
- An association centered in Taiwan has welcomed a number of crypto businesses in an effort to create self-regulatory guidelines for the nation’s digital asset market.
- According to the group, it is dedicated to supporting and enabling strict and equitable rules that contribute to the worldwide expansion of the blockchain financial sector.
An association centered in Taiwan has welcomed a number of crypto businesses in an effort to create self-regulatory guidelines for the nation’s digital asset market.
On June 13, 24 crypto companies became the inaugural Taiwan Virtual Asset Service Provider (VASP) Association members, according to the statement from XREX exchange.
Winston Hsiao, chief revenue officer of XREX, will serve as vice chair of the association, which will be chaired by BitoPro founder and CEO Titan Cheng. According to the group, it is dedicated to supporting and enabling strict and equitable rules that contribute to the worldwide expansion of the blockchain financial sector. XREX as an association member, stated:
“cooperate with the government, the Ministry of Justice and law enforcement agencies to jointly combat fraud and other criminal activities,”
The VASP association was established following proposals from Taiwan’s Justice Ministry to modify the nation’s Anti-Money Laundering (AML) laws for virtual asset service providers.
Under the proposed modifications, noncompliance could result in fines of up to $1.5 million or two years in prison. Furthermore, the Financial Supervisory Commission (FSC) of Taiwan said that new regulations pertaining to digital assets will take effect in September.
In the announcement on June 13, Hsiho Huang, an FSC director at the Virtual Asset Service Provider Association, said:
“The establishment of the association will bring more cooperation and consensus to the industry, promote compliance, standardization and healthy development of the industry, ensure the safety, transparency and stability of the industry, and enhance the protection of consumer rights,”
The government of Zimbabwe is drafting legislation for the country’s crypto sector and is asking local and global crypto service providers for their opinions. The government has established a committee to gather information from crypto companies offering services in Zimbabwe; the comment period ends on June 26. The government wants to create a legal framework that fits the country’s particular needs and conditions.
