The Taiwan Virtual Asset Service Provider Association has been established with the participation of 24 cryptocurrency-related entities. The association aims to act as a bridge between the private sector and the government to supervise the industry. Its first task will be to formulate a self-regulation code covering industry classification, consumer protection, risk control, transaction monitoring, and advertising solicitation. The association was approved by Taiwan's Interior Ministry in March 2024, and the founding meeting was held on Thursday, with BitoPro founder and CEO Titan Cheng as the chair and XREX Chief Revenue Officer Winston Hsiao as the vice-chair. Taiwan has taken steps to regulate the crypto sector after the FTX scandal.