TAIPEI (Taiwan News) — Twenty-four crypto companies have formed the Taiwan Virtual Asset Service Provider Association, according to a statement Thursday (June 13).

TVASP Association is a first step toward substantive government regulation of the industry, per a tweet on X the same day. All the companies involved had previously registered with the Financial Supervisory Commission (FSC) for anti-money laundering compliance.

The Block, a digital assets media resource, commented that establishment of the new body would enhance oversight of crypto trading platforms. It quoted the FSC as saying it “places great importance on the development of the virtual asset industry.

“We believe that the healthy development of this industry is closely related to the development of society and the economy.”

BitoPro founder and CEO Titan Cheng (鄭光泰) was elected as chair. XREX Inc., a blockchain-enabled finance company, also confirmed its Group Chief Revenue Officer Winston Hsiao (蕭滙宗) had been elected as vice chair.