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Taiwan Crypto Firms Establish Self-Regulatory Association Amid AML Amendments

Jun 13, 2024

Taiwan Crypto Firms Establish Self-Regulatory Association Amid AML Amendments
Taiwan Crypto Firms Establish Self-Regulatory Association Amid AML Amendments
Taiwan Crypto Firms Establish Self-Regulatory Association Amid AML Amendments

In response to proposed Anti-Money Laundering (AML) amendments by Taiwan's Justice Ministry, potentially leading to penalties for crypto firms, a consortium of 24 cryptocurrency companies has formed the Taiwan Virtual Asset Service Provider (VASP) Association. Established on June 13, the association aims to develop self-regulatory standards for Taiwan's digital asset industry. Titan Cheng, founder and CEO of BitoPro, will lead as chairperson, with Winston Hsiao, chief revenue officer at XREX, serving as vice chair. The association pledges to collaborate with government bodies, including the Ministry of Justice and law enforcement agencies, to combat fraud and criminal activities. Additionally, it aims to contribute technological expertise and infrastructure to establish a unified defence platform and design international transfer rules aligned with Taiwan's regulatory requirements, particularly focusing on AML measures and fraud detection technologies.