In anticipation of Taiwan’s forthcoming crypto regulation framework scheduled for release in September, the nation’s digital asset platforms have joined forces to establish an industry association.
The Taiwan Virtual Asset Platform and Transaction Business Association, comprising its founding members MaiCoin Group, BitoGroup, and Ace Exchange, emerged from a preparatory group formed in early September.
Legally, the initiative is set to take effect in October, pending the government’s issuance of the crypto framework.
The preparatory group currently boasts representation from nine crypto exchanges.
Alongside the aforementioned trio, it includes BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito, showcasing a collective effort to shape Taiwan’s crypto landscape.
The primary objective of the association is to champion the interests of the crypto industry. It aims to serve as a representative body for various entities, including exchanges, peer-to-peer trading platforms, financial investment platforms, wallet hosting companies, and other crypto-related businesses.
Wang Chenhuan, President of Ace Exchange, emphasized the association’s role, stating, “The association is a family and a beacon.
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“It guides us in the direction, collects information, sets standards, builds consensus, speaks on our behalf, and leads us to further progress.”
In early September, the Financial Supervisory Commission of Taiwan crafted a draft featuring ten guiding principles for the regulation of digital currencies within the country.
While the document had yet to be made public, local media sources indicated that one of the principles revolves around the prohibition of foreign virtual asset service providers from engaging in illegal solicitation of business activities within Taiwan.
Interestingly, in August, Binance, the world’s leading crypto exchange by trading volume, submitted an application for registration in Taiwan.
The exchange had already been conducting operations in the country through a local entity known as Binance International Limited Taiwan Branch (Seychelles), demonstrating the growing interest of major players in Taiwan’s evolving crypto landscape.
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