Taiwan’s crypto advocacy body, the Taiwan Virtual Asset Service Providers Association, was formally established with a founding meeting of 24 crypto-related entities, according to an announcement on X and a blog post from the firm. of XREX blockchain.
The body will aim to act as a bridge as the private sector and government work together to oversee the industry. Its first task will be to formulate a self-regulatory code covering industry classification, listing and delisting, consumer protection, risk control, transaction monitoring and advertising solicitation, according to the blog post.
Preparations for the creation of the association began in September, when nine entities came together to begin the process.
Taiwan’s Ministry of the Interior approved the formation of the body in accordance with the law in March 2024 and the founding meeting was held on Thursday. BitoPro founder and CEO Titan Cheng will be the president and XREX chief revenue officer Winston Hsiao will be the vice president.
Taiwan has moved to introduce legislation regulating the Crypto sector after the FTX scandal forced it to change its previous non-intervention stance.
