Taiwan is planning to bring necessary amendments to existing regulations that will allow crypto firms to set up industry associations, which will help develop self-regulatory guidelines for the crypto industry, media reports said.
On Thursday, the Ministry of Economic Affairs announced it plans to add a new category for digital asset services by amending the Standards of Classification of Commercial Group.
It has also invited the public to offer suggestions for its draft amendment within 60 days.
“If you have any comments or suggestions for amendments to the content of the announcement, please publish the bulletin in this announcement … within 60 days from the next days,” the Google translation of the statement in Mandarin Chinese read.
The new business category would outline the scope of operations for crypto firms in the country. The media coverage said it would cover all relevant aspects, such as exchanging cryptocurrency for other tokens or fiat currencies, storage and management, and issuance and sale of cryptocurrencies.
The cryptocurrency sector in Taiwan is largely unregulated. In 2021, the Financial Supervisory Commission (FSC) brought virtual asset services providers (VASPs) under anti-money laundering rules. The proposed creation of a new business category for cryptocurrencies will allow crypto organizations to set up industry associations and frame self-regulatory guidelines.
