Taiwanese blockchain industry got a major boost this week with the formation of a parliamentary blockchain group.

MP and Legislator Jason Hsu Yu-Jen made the announcement in a Facebook post dated May 22, CoinTelegraph reported. He will lead the new Taiwan Parliamentary Coalition for Blockchain (TPCB).

In addition, a self-regulatory initiative focused on the crypto and blockchain industry has also been announced. The members of newly formed Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO) would be required to comply with transparency, data security, and investor protection measures.

A joint founding ceremony was held this week for both the initiatives. The parliamentary group will strive to make the government open-minded and proactive in regulating technological innovation, along with developing mutual trust between regulators and crypto industry incumbents. The SRO, on the other hand, will work towards minimizing the need for excessive involvement of government where industry’s own measures can be adequate.

Earlier this month, Hsu announced that he would be co-chairing KYC/AML taskforce with Taiwan’s Ministry of Justice to a robust system for cryptocurrencies.