The focus is on Taiwan this week in Crypto Asia!
The Taiwan Virtual Asset Service Provider (VASP) Association has been formally established, bringing together 24 crypto-related entities. The association aims to bridge the gap between the private sector and the government as they work together to supervise the industry.
The blockchain-enabled financial institution XREX is celebrating the move.
We celebrate this momentous day with all virtual asset service providers in #Taiwan as an official industry association is formed.
This marks an important milestone in an ongoing process towards a consultative and unique regulatory model for the #VASP industry in Taiwan. (1/4) pic.twitter.com/thzW3htCy2
— XREX Inc. (@xrexinc) June 13, 2024
The association’s first task will be to formulate a self-regulation code that covers various aspects of the industry, The association’s tasks will also include classification, listing and delisting, consumer protection, risk control, transaction monitoring, and advertising solicitation.
The move comes at a time when Taiwan is taking steps to introduce legislation to regulate the crypto sector, particularly in the wake of the FTX scandal.
The collaboration between the private sector and the government is expected to foster a more balanced and effective regulatory approach.
Indian High Court Rules Crypto Dealings Not Illegal
In a landmark ruling, India’s High Court has declared that cryptocurrency dealings are not illegal in the country.
This decision comes as a relief to the crypto community in India, which has been grappling with regulatory uncertainty. The High Court’s ruling is expected to provide much-needed clarity and legitimacy to the sector.
While the ruling establishes that crypto dealings are not illegal, it does not necessarily mean that the sector is entirely unregulated.
The Indian government and financial authorities are still working on developing a comprehensive regulatory framework for cryptocurrencies. The expected framework may include guidelines for taxation, consumer protection, and anti-money laundering measures.
Four Offshore Crypto Exchanges Eye Return To India
Four offshore cryptocurrency exchanges have submitted petitions to the Financial Intelligence Unit (FIU) seeking permission to resume operations in the country.
This follows the approval granted to global crypto exchanges Binance and KuCoin to restart their operations in India after resolving previous non-compliance issues.
Read more: Thai SEC Revokes Operating Licenses of Zipmex Cryptocurrency Exchange
Singapore Sentences Crypto Money Laundering Culprit
A Singapore court has sentenced a man to 17 months in prison for his involvement in a crypto money laundering scheme.
The culprit, Jaromel Gee Ming Li, pleaded guilty to two charges under the Corruption, Drug Trafficking, and Other Serious Crimes Act.
Gee had received instructions from an unknown person to create a Bitcoin wallet on LocalBitcoins, a peer-to-peer Bitcoin trading platform. He then received cash totaling S$269,000 (approximately US$201,000) from strangers on 11 occasions between February and March 2020.
Gee used the funds to purchase Bitcoin on LocalBitcoins and then transferred the crypto to a wallet address provided by the unknown person.
The court found that Gee had reasonable grounds to believe that the cash he received was derived from criminal conduct, and that he had assisted in laundering the proceeds of crime.
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The coming months and years are likely to bring further developments in Asia’s crypto landscape.
As the world watches these developments closely, it remains to be seen how the lessons learned in Asia will inform the broader discourse on crypto,
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
