The regulator is expected to require virtual asset service providers (VASPs) to comply with anti-money laundering and anti-terrorist financing requirements.
The new association should help such companies comply with FSC requirements. An application has already been submitted to create a working group to launch the association, which will include representatives of 9 companies, including large local cryptocurrency exchanges MaCoin, BitoGroup and ACE.
“FSC’s leadership will give birth to a new industry, providing it with legitimacy, oversight, a strong path to growth and accelerated development. It means a way to gain the trust of society,” said the co-founder and CEO of the XREX exchange.
The Taiwan Cryptocurrency Association will cover not only exchanges, but also over-the-counter trading platforms, investment platforms, custody service providers and digital asset trading firms.
It was previously reported that after the introduction of regulation in Taiwan, more than 50 crypto firms want to enter the local market.
Source: Bits
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