Taiwan’s Ministry of Home Affairs has approved the local cryptocurrency industry’s application to establish an industry association as the government moves closer to regulating the nascent sector.
The domestic cryptocurrency industry working group, which was formed last year to prepare for the establishment of an industry association, announced in a notice last Friday that it had received approval for its application from the government.
Now, the working group must complete all preparatory work and officially establish the Cryptocurrency Industry Association by the end of June in accordance with government requirements.
The working group currently consists of 22 cryptocurrency companies, including major Taiwanese exchanges such as MaiCoin and BitoPro. The working group noted that it excluded ACE Exchange from the group because the problematic exchange was embroiled in a prosecutorial investigation into alleged misconduct by former executives.
One step closer to self-regulation
Currently, Taiwan is requiring cryptocurrency service providers to comply with anti-money laundering laws following the Financial Supervisory Commission. introduction Anti-money laundering regulations come into effect in July 2021. Otherwise, the cryptocurrency industry is largely unregulated.
FSC in September 2023 published guidance This places great emphasis on protecting the customers of cryptocurrency companies. By establishing an industry association, cryptocurrency companies will hopefully be able to come up with their own supervisory rules in line with the guidelines.
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