Taiwan’s Ministry of the Interior has given the green light for the formation of a cryptocurrency industry association, marking a significant step towards regulatory oversight in the country’s crypto sector. The approval follows an application from a local crypto industry working group, comprising 22 crypto firms, including major exchanges like MaiCoin and BitoPro. The working group aims to establish the association by the end of June, with a focus on developing self-supervisory rules based on guidelines provided by the Financial Supervisory Commission (FSC). This move comes as Taiwan seeks to regulate its crypto industry amidst existing anti-money laundering laws and recent guidelines emphasizing customer protection. By setting up the industry association, crypto firms hope to enhance regulatory compliance and foster a safer environment for cryptocurrency services in Taiwan, ultimately advancing towards self-regulation in the crypto sector.

The formation of Taiwan’s cryptocurrency industry association signals a proactive approach by the government to address regulatory concerns and promote transparency in the rapidly evolving crypto landscape. With support from major industry players, the association aims to establish best practices and standards for the local crypto industry, aligning with global efforts to ensure the responsible growth of digital assets.