Under the government’s oversight, Taiwan has officially formed a crypto industry association. Two dozen crypto firms have a seat at the table at the Taiwan Virtual Asset Service Provider Association.
The government has given the association authority to come up with its own rules.
Commenting during the launch meeting, Hsiho Huang, the Director of the Securities Firms division at the FSC, said,
“The FSC places great importance on the development of the virtual asset industry. We believe that the healthy development of this industry is closely related to the development of society and the economy.”
Titan Cheng, the Founder and CEO of BitoPro, will Chair the association. He will be supported by Vice Chair Winston Hsiao, who is the Co-founder and Chief Revenue Officer of XREX.
The firms that are a part of the association have registered with the securities regulator, the Financial Supervisory Commission, for AML compliance. To be a crypto service provider in Taiwan, firms ought to comply with AML regulations.
The association will start chalking out its self-regulatory guidelines, in a bid to implement the classification and grading management of virtual asset service providers.
According to the association, doing this will put Taiwan in sync with the interests and development of the crypto industry. Alongside, the association is also expected to meet government expectations and protect consumer rights.
Towards the end of Q3 last year, Taiwan’s major crypto exchanges came together to launch the Taiwan Virtual Asset Platform and Transaction Business Association. Notably, MaiCoin Group, BitoGroup, and Ace Exchange became the genesis founders.
The motive of the aforementioned association is to advocate the industry’s interests, by representing exchanges, investment platforms, wallet hosting firms, P2P trading platforms, and other types of crypto businesses.
