The Taiwan government has made a massive leap toward cryptocurrency market regulation with the launch of the Taiwan Virtual Asset Service Provider Association. So far, it is government-formed and consists of 24 crypto firms in its design for increased scrutiny and self-regulation—firms compliant with anti-money laundering (AML) standards.

The group will be chaired by Titan Cheng of BitoPro and Vice Chair Winston Hsiao of XREX. Group formation, which is also a momentous step for Taiwan, was spotlighted with the presence of Hsiho Huang from the Financial Supervisory Commission, who described the industry as having a pivotal role in the socio-economic development of the state and a need to foster a well-regulated environment for crypto trading platforms. The association’s immediate task is to set self-regulatory guidelines reconciling industry growth and consumer protection with governmental expectations. This serves as an example of efforts to secure a bright cryptocurrency environment in Taiwan, which has always been trying to tighten AML laws.