Taiwan's Major Crypto Exchanges Form Association to Align with Upcoming Regulations
Zach Anderson Sep 27, 2023 10:27
Taiwan's major crypto exchanges form an industry association to align with upcoming regulations by the Financial Supervisory Commission. The association aims to serve as a unified voice for the industry and facilitate effective communication with the government.
Key Takeaways
- Taiwan's leading crypto exchanges form an industry association ahead of new regulations.
- The association aims to facilitate dialogue with regulators and integrate the crypto industry.
- Nine exchanges are currently part of the preparatory group for the association.
As Taiwan's Financial Supervisory Commission (FSC) prepares to unveil its "Guiding Principles for the Management of Virtual Asset Service Providers (VASPs)" in September, the country's major crypto exchanges have taken proactive steps. They have formed a preparatory group, known as the Taiwan VASP Association Preparatory Committee, in early September. The initiative is expected to become legally effective in October, following the government's release of its crypto framework.
Unified Industry Efforts
The preparatory group consists of nine crypto exchanges, including the first three founders: MaiCoin Group, BitoGroup, and Ace Exchange. Other members are BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito. "The association is a family and a beacon. It guides us in the direction, collects information, sets standards, builds consensus, speaks on our behalf, and leads us to further progress," said Wang Chenhuan, President of Ace Exchange.
Regulatory Alignment
The association aims to align with the upcoming regulations by the FSC. "We have a responsibility to lead industry partners in perfecting infrastructure and regulations," said Zheng Guangtai, Founder and CEO of BitoGroup. He added that BitoGroup has accumulated rich experience in areas like cybersecurity, internal control, anti-money laundering, and counter-terrorism financing over the past decade.
Broadening the Ecosystem
The association is not limited to exchanges and aims to include other key players like traditional banks, fintech firms, accountants, and insurance companies. "The most important work at this stage is to play the role of internal communication. Only through unity and cooperation can we build a robust industry chain," said Xiao Huizong, Co-founder and Chief Revenue Officer of Xrex.
Transparency and Future Plans
The preparatory group holds weekly meetings every Tuesday afternoon, and the minutes are publicly available on GitBook to ensure transparency. They plan to submit their application to the Ministry of the Interior by mid-October, aiming for the formal establishment of the Taiwan VASP Association by the end of the year.
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