Different cryptocurrency exchanges in Taiwan are collaborating to form a crypto regulatory association. Taiwan has embraced the crypto industry and, hence the crypto sector is working to lay down the foundation for crypto space to ensure security and reliability. Recently, Taiwan’s crypto sector reported to be collaborating to form a crypto association for which they are going to set rules and regulations.
Taiwan’s Crypto Exchanges Collaborating for Crypto Association
Since the crypto space is now developed in Taiwan, crypto entities have been working to keep it flourishing. Nine prominent cryptocurrency exchanges in Taiwan are collaborating and putting efforts into developing a crypto regulatory association.
The crypto sector of Taiwan is now on the verge of laying blueprints for the crypto association in the coming time to ensure security and reliability. The blueprints and the set of rules and regulations for this proposed association will be officially released in the later part of the ongoing week. Nine Crypto exchanges behind this dynamic project claim to establish and launch the association in the middle of October 2023. They have made a robust group to work on the proposed agenda.
Requirements for the Association Formation
Taiwan needs VASPs (Virtual Assets Service Providers) to adhere to AML (Anti-Money Laundering) laws which were issued in July 2021. The Financial Supervisory Commission (FSC) is more likely to issue a set of rules related to crypto payments and trading for VASP till the end of September 2023.
Upon the formation of this association, Taiwan will have a chance to mend the law in favour of crypto space. It’ll let the crypto space formulate self-supervisory laws according to the given set of guidelines. Currently, nine exchanges are collaborating to work on developing the crypto association. Taiwan’s major crypto exchanges i.e., ACE, BitoGroup and MaiCoin are part of this revolutionary crypto association formation.
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