According to a blog post by the blockchain company XREX and an announcement on X, Taiwan’s crypto advocacy group, the Taiwan Virtual Asset Service Provider Association, was formally founded with a founding meeting of 24 entities involved in cryptocurrencies. As the government and the business sector collaborate to oversee the industry, the body’s goal will be to serve as a liaison.
According to the blog post, its first assignment will be to create a self-regulation code that addresses industry classification, listing and delisting, consumer protection, risk control, transaction monitoring, and advertising solicitation.
Nine entities joined together to initiate the process of establishing the association in September of last year. The creation of the body in accordance with the law was authorised by Taiwan’s Interior Ministry in March 2024, and the foundation meeting took place on Thursday. The vice chair will be Winston Hsiao, chief revenue officer of XREX, and the chair will be BitoPro founder and CEO Titan Cheng.
After being forced to veer from its previous, somewhat hands-off approach due to the FTX crisis, Taiwan has moved to develop legislation to regulate the cryptocurrency business.