Taiwanese legislators have formed a parliamentary blockchain group to promote the development of the industry, according to a Facebook announcement by MP and legislator Jason Hsu Yu-Jen today, May 22.

The new Taiwan Parliamentary Coalition for Blockchain (TPCB), headed by Hsu, hopes to achieve cross-party consensus among Taiwanese politicians to decide on a clear, “friendly” and robust regulatory framework for the blockchain sector and cryptocurrencies.

A joint founding ceremony was held yesterday in Taipei for both TCPB and a newly established Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO), whose members will be required to comply with transparency, data security, and investor protection measures developed to ensure a healthy and “law-abiding” market.

According to Hsu’s announcement, the parliamentary alliance will work to push the Taiwanese government to be open-minded and proactive in regulating for technological innovation, as well as more broadly working to develop mutual trust between the crypto space and official authorities. Meanwhile, the self-regulatory body will aim to minimize the need for excessive government intervention where internal industry measures can suffice.

MP Jason Hsu Yu-Jen has been a stalwart blockchain and crypto advocate, suggesting in recent tweets that Taiwan is set to become a “crypto nation” and “blockchain Island,” a coinage that was most recently used in relation to the island of Malta’s efforts to draw crypto industry giants to its shores with its own crypto-friendly regulations:

Just last month, CEO of major over-the-counter (OTC) crypto exchange OTCBTC and Facebook hackathon winner Yi-Ting Chen announced that she is running for mayor of Taiwan’s capital city Taipei this year. Also last month, Taiwan’s Ministry of Justice revealed plans to roll out stricter control mechanisms for cryptocurrencies focused on anti-money laundering (AML) measures, reportedly due to take effect in November.