A consortium of crypto companies has recently joined forces with a Taiwan-based association to establish self-regulatory standards for the local digital asset industry.
As reported by the XREX platform, 24 crypto companies have become the founding members of the Taiwan Virtual Asset Service Provider (VASP) Association on June 13.
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The association will be chaired by Titan Cheng, founder and CEO of BitoPro, and Winston Hsiao, chief revenue officer of XREX, will serve as vice chairman.
The association's main objective is to promote and facilitate rigorous and fair regulations that will help drive the global growth of the financial blockchain industry.
As a member of the association, XREX has stated it will work closely with the government, the Ministry of Justice and law enforcement agencies to combat fraud and other criminal activities.