Recognized for its technological progress and forward-thinking stance in the digital era, Taiwan is considering making amendments to its existing regulations.
These changes would allow cryptocurrency firms to create industry associations with the purpose of developing self-regulatory guidelines for the crypto field.
The Ministry of Economic Affairs has announced its plan to expand the Standards of Classification of Commercial Groups by adding a new category specifically for digital asset services.
The primary objective of this proposed inclusion is to empower digital currency businesses to establish industry associations, subsequently leading to the development of self-regulatory benchmarks and nurturing a structured cryptocurrency ecosystem in Taiwan.
Following the introduction of anti-money laundering rules by the Financial Supervisory Commission in July 2021, Taiwan has made it compulsory for virtual asset service providers (VASPs) to adapt to these regulations.
Despite this obligation, the virtual asset industry in the country largely lacks comprehensive regulatory oversight.
The official announcement mentioned that cryptocurrency firms will be able to create industry associations once the business category is integrated into the relevant regulations.
The ministry is actively seeking public feedback and aims to finalize the amendment, in partnership with the Ministry of the Interior, sometime in mid to late October.