anti-money laundering rules in July 2021. Otherwise, the industry remains largely unregulated in Taiwan.a set of guidelines on trading and payments related to cryptocurrencies for VASPs by the end of this month. By setting up an industry association, crypto firms hope they can come up with self-supervisory rules based on the guidelines.
Wayne Huang, co-founder and Group CEO of Taipei-based crypto exchange XREX, told The Block the FSC’s upcoming guidelines could “give birth to a new industry, providing this new industry legitimacy, oversight, a solid path to grow, and an accelerated means to acquire public trust.” The working group currently consists of nine firms, including major exchanges in Taiwan such as MaiCoin, BitoGroup and ACE. Winston Hsiao, XREX’s cofounder and Group CRO, serves as the working group convener, according to the statement.of the working group shows that the industry association — once set up — plans to cover more types of crypto firms, including over-the-counter trading platforms, wealth investment platforms, custody services providers and quantitative trading companies.