bitcoin
bitcoin

$98150.71 USD 

-0.39%

ethereum
ethereum

$3407.95 USD 

2.14%

tether
tether

$1.00 USD 

0.03%

solana
solana

$255.79 USD 

-1.17%

bnb
bnb

$666.91 USD 

3.19%

xrp
xrp

$1.45 USD 

-5.76%

dogecoin
dogecoin

$0.435429 USD 

-4.24%

usd-coin
usd-coin

$1.00 USD 

0.00%

cardano
cardano

$1.06 USD 

-2.00%

tron
tron

$0.215036 USD 

3.50%

avalanche
avalanche

$42.66 USD 

-2.56%

stellar
stellar

$0.567851 USD 

30.59%

toncoin
toncoin

$6.46 USD 

16.63%

shiba-inu
shiba-inu

$0.000027 USD 

-0.40%

polkadot-new
polkadot-new

$9.16 USD 

24.08%

Cryptocurrency News Articles

Taiwan Greenlights Crypto Industry Group for Self-Regulation

Mar 30, 2024 at 05:00 am

Taiwan's cryptocurrency sector has taken a significant step towards self-regulation with the government's approval to form an industry association. This move comes amidst increasing regulatory scrutiny and is expected to shape the future of crypto in Taiwan. The association aims to establish self-regulatory measures complementing existing AML guidelines and foster collaboration between industry entities and regulatory bodies.

Taiwan Greenlights Crypto Industry Group for Self-Regulation

Taiwan Takes Bold Step Towards Crypto Self-Regulation: Government Approves Industry Association Formation

Amidst heightened regulatory scrutiny, Taiwan has made a groundbreaking move by granting approval for the formation of an industry association dedicated to self-regulating the country's burgeoning cryptocurrency sector. This development marks a significant stride in shaping the future of crypto in Taiwan and signals a proactive approach by digital asset firms in addressing regulatory uncertainties.

The Financial Supervisory Commission (FSC) announced the approval on Friday, culminating months of collaborative efforts by the local crypto industry working group, a collective of 22 leading enterprises. This move underscores the industry's commitment to establish self-regulatory measures that complement existing anti-money laundering (AML) guidelines, which have been mandatory for crypto service providers in Taiwan since July 2021.

The association's formation comes at a time when the broader crypto landscape in Taiwan remains largely unregulated. However, the government's approval signifies its recognition of the industry's need for self-governance and its potential to foster a stable and sustainable virtual currency ecosystem.

In September 2023, the FSC introduced preliminary guidelines emphasizing consumer protection in the digital assets sector. The industry association will leverage these directives to develop a robust framework for best practices, encompassing areas such as consumer protection, exchange operations, and anti-fraud measures.

The association's role extends beyond mere self-governance. It will act as a bridge between industry entities and regulatory bodies, fostering transparent communication and facilitating the co-creation of effective self-regulatory frameworks. This collaboration is expected to lead to a more stable and sustainable virtual currency landscape within Taiwan.

Taiwan's approach to crypto regulation has implications beyond its borders. As nations grapple with the intricacies of regulating digital assets, Taiwan's methodology emerges as an instructive example, showcasing a potential path to balanced oversight and innovation.

In the coming months, the association will focus on solidifying its framework and operational mechanisms, working towards the government-mandated June deadline. The success of this endeavor hinges upon the association's ability to effectively represent the diverse interests of the industry and navigate the intricate regulatory landscape.

Taiwan's bold step towards crypto self-regulation is a testament to the industry's commitment to responsible growth and its willingness to complement government efforts in creating a sustainable ecosystem for virtual currencies. By embracing self-governance and collaborating with regulatory bodies, Taiwan is setting a precedent for other nations to follow, demonstrating that proactive industry initiatives can pave the way for a more balanced and prosperous future for crypto.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Nov 24, 2024