Taiwan’s cryptocurrency sector officially established an industry association today under the government’s guidance, as the country moves closer to regulating the nascent sector.

A total of 24 crypto firms—which have registered with the Financial Supervisory Commission for anti-money laundering compliance—have joined the Taiwan Virtual Asset Service Provider Association, according to a statement released Thursday by the group.

The association will be chaired by Titan Cheng, founder and CEO of BitoPro, one of the major exchanges in Taiwan. Winston Hsiao, co-founder and chief revenue officer of XREX, will serve as the vice chair of the association.

The establishment of the crypto industry association is a crucial step for Taiwan to enhance its oversight of crypto trading platforms. The …