As Taiwan regulators prepare to lay out a crypto regulation framework in September, Taiwan’s digital asset platforms have announced the establishment of an industry association.
MaiCoin Group, BitoGroup and Ace Exchange became the first three founders of the Taiwan Virtual Asset Platform and Transaction Business Association. The preparatory group for the association was formed in early September, but legally, the initiative would become effective in October after the government issues its crypto framework.
There are currently nine crypto exchanges represented in the preparatory group. Besides the three named above, the group includes BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex and Shangbito.
Related: Taiwan watchdog FSC to assume authority on crypto regulation
Aimed at advocating the industry’s interests, the association is intended to represent exchanges, peer-to-peer trading platforms, financial investment platforms, wallet hosting companies and other types of crypto businesses. President of Ace Exchange, Wang Chenhuan, said:
“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.”
As reported in early September, the Financial Supervisory Commission of Taiwan created a draft of 10 guiding principles for the management of digital currencies in the country. While the document still wasn’t open to the public, according to local media, one of the principles considers prohibiting foreign virtual asset service providers from illegally soliciting business within Taiwan.
In August, the world’s leading crypto exchange by trading volume, Binance, applied for registration in Taiwan. It’s already been operating in the country through a local entity called Binance International Limited Taiwan Branch (Seychelles).
Magazine: ‘AI has killed the industry’. EasyTranslate boss on adapting to change