Taiwan Crypto Association Will Be Established To Promote The Industry

Key Points:

• Nine major Taiwanese crypto firms are forming a Taiwan crypto association to self-regulate.
• The Taiwan crypto association will base its rules on government guidelines to enhance industry discipline.
• This initiative precedes official regulatory guidelines, signaling progress in Taiwan’s crypto sector.

Taiwan‘s cryptocurrency landscape is undergoing significant developments as nine leading cryptocurrency companies have announced plans to establish a Taiwan crypto association. This move is anticipated to enhance the regulatory framework for the burgeoning cryptocurrency sector in Taiwan.

Taiwan Crypto Association Was Established for Self-Regulation

In a joint statement, these companies outlined their intention to submit formal applications for the creation of the Taiwan VASP Association in mid-October. The firms have also formed a dedicated working group to expedite this process. Among the nine cryptocurrency exchanges and entities involved are BitstreetX, ACE, HOYA BIT, BitoPro, and XREX, among others.

Once the Taiwan VASP Association is officially established, its primary objective will be to devise self-regulatory standards in alignment with the guiding principles set forth by the Financial Supervisory Commission (FSC). These self-imposed rules are intended to promote greater discipline within the cryptocurrency industry.

Taiwan Paves the Way for Cryptocurrency Discipline

This initiative is poised to mark a pivotal step in Taiwan’s journey toward more comprehensive cryptocurrency supervision. Beyond virtual currency operators, the association also aims to incorporate key players from traditional banks, financial technology sectors, accountants, and insurance industries into the cryptocurrency ecosystem.

Notably, the FSC is expected to release its “Guiding Principles for the Management of Virtual Asset Platforms and Trading Businesses” by the end of the month. The establishment of an industry association is seen as a proactive measure by cryptocurrency firms to align their self-regulatory guidelines with the forthcoming regulatory framework, fostering a more mature and accountable cryptocurrency industry in Taiwan.

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