February 22, 2024
Taiwan's Cryptocurrency Framework Rollout
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Taiwan’s Cryptocurrency Industry Unites: New Association Formed Ahead of Regulatory Framework

As Taiwan gears up for the unveiling of its cryptocurrency regulatory framework in September, several of Taiwan’s digital asset platforms have come together to establish an industry association.

MaiCoin Group, BitoGroup, and Ace Exchange have emerged as the initial three founding members of the Taiwan Virtual Asset Platform and Transaction Business Association. Although the preparatory group for the association was formed at the beginning of September, the initiative is set to take legal effect in October, following the issuance of the government’s crypto framework.

Currently, the preparatory group comprises nine crypto exchanges. In addition to the aforementioned three, the group includes BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito. The primary aim of this association is to champion the interests of the cryptocurrency industry, representing a diverse range of participants, including exchanges, peer-to-peer trading platforms, financial investment platforms, wallet hosting firms, and other types of cryptocurrency businesses. Wang Chenhuan, President of Ace Exchange, emphasized the association’s role as a supportive community and a guiding light for its members. He explained that it would provide direction, gather information, establish standards, foster consensus, advocate on behalf of its members, and lead them toward further advancement.

The Financial Supervisory Commission of Taiwan had developed a draft containing 10 guiding principles for overseeing digital currencies within the country. Although the document had not been made public at the time, local media sources indicated that one of the principles aimed to prevent foreign virtual asset service providers from engaging in illegal business solicitations within Taiwan.

In August, Binance, the world’s leading cryptocurrency exchange in terms of trading volume, initiated the process of registering in Taiwan. The exchange had already been operating within the country through a local entity known as Binance International Limited Taiwan Branch, registered in the Seychelles.

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