Last Updated on September 26, 2023 by Bitfinsider

Taiwan’s cryptocurrency sector is laying the groundwork for an industry association, with the country’s financial authority scheduled to provide recommendations later this week.

In a joint statement today, nine crypto businesses said they plan to apply to form an industry association in mid-October and have formed a working group to expedite the process.

Since the Financial Supervisory Commission issued anti-money laundering rules in July 2021, Taiwan has obliged virtual asset service providers (VASPs) to comply with anti-money laundering laws. Otherwise, the sector in Taiwan is mostly unregulated.

The FSC, on the other hand, is anticipated to release a set of recommendations on cryptocurrency trading and payments for VASPs by the end of this month. Crypto businesses expect that by forming an industry organisation, they will be able to develop self-supervisional standards based on the recommendations.

According to Wayne Huang, co-founder and Group CEO of Taipei-based crypto exchange XREX, the FSC’s planned rules might “give birth to a new industry, providing this new industry legitimacy, oversight, a solid path to grow, and an accelerated means to acquire public trust.”

The working group now consists of nine companies, including prominent Taiwanese exchanges like MaiCoin, BitoGroup, and ACE. According to the announcement, Winston Hsiao, XREX’s cofounder and Group CRO, will act as the working group convener.

According to the working group’s sketch plan, once established, the industry association would encompass more sorts of crypto firms, such as over-the-counter trading platforms, wealth investing platforms, custody service providers, and quantitative trading firms.