Coinspeaker
Taiwan Government Grants Approval for Local Crypto Industry Association

The government of Taiwan has approved a local crypto industry association as it takes steps toward robust regulation of the country’s sector. On Friday, Taiwan’s Ministry of the Interior gave the green light to the local crypto industry working group, which will now continue preparing to fully establish the association before June ends.

The Taiwan Crypto Association’s Working Group

Last September, a few crypto firms banded together to form a preparatory group to apply for approval and do some groundwork in anticipation of the government’s proposed crypto law. Three major exchanges, including BitoGroup, MaiCoin Group, and Ace Exchange, are the first three founders of the Taiwan Virtual Asset Platform and Transaction Businesses Association Preparatory Group. Others include crypto exchanges Rybit, Shangbito, Xrex, and Hoya Bit. As of Friday, when it received government approval, the group comprised 22 crypto firms.

In a press release, the chairman of the Taiwan Fintech Association, Cai Yuling, said the grou...