Taiwan’s crypto advocacy body, the Taiwan Virtual Asset Service Provider Association, was formally established with a founding meeting of 24 cryptocurrency-related entities, according to an announcement on X and a blog post by the XREX blockchain firm.

The body will aim to act as a bridge as the private sector and the government work together to supervise the industry. Its first task will be to formulate a self-regulation code that covers industry classification, listing and delisting, consumer protection, risk control, transaction monitoring and advertising solicitation, according to the blog post.

The preparations for the establishment of the association began in September, when nine entities came together to kickstart the process.

Taiwan’s Interior Ministry approved the formation of the body in line with the law in March 2024 and the founding meeting was held on Thursday. BitoPro founder and CEO Titan Cheng will be the chair and XREX Chief Revenue Officer Winston Hsiao will be the vice chair.

Taiwan has taken steps to introduce legislation to regulate the crypto sector after the FTX scandal forced it to change its earlier fairly hands-off stance.