Taiwan Crypto Advocacy Group Gains Momentum with 24 Members
A new development has emerged in the world of cryptocurrency in Taiwan, as 24 entities have joined forces to establish the Taiwan Virtual Asset Service Provider Association. This industry association was initiated by nine members last year and received government approval in 2024, paving the way for its formal inception.
The Taiwan Virtual Asset Service Provider Association held its founding meeting recently, marking a significant milestone in the country’s crypto advocacy efforts. The association aims to serve as a liaison between the private sector and the government, collaborating on regulatory oversight within the industry. One of its primary objectives is to develop a self-regulation code that addresses key areas such as industry classification, listing and delisting procedures, consumer protection measures, risk management protocols, transaction monitoring, and advertising guidelines.
The groundwork for establishing this association began in September, with nine entities coming together to initiate the process. Following approval from Taiwan’s Interior Ministry in March 2024, the formal founding meeting took place on Thursday. Titan Cheng, the founder and CEO of BitoPro, has been appointed as the chair of the association, while Winston Hsiao, Chief Revenue Officer at XREX, will serve as the vice chair.
Taiwan’s decision to introduce legislation for regulating the crypto sector comes in the wake of the FTX scandal, which prompted a shift from its previously more relaxed approach. The formation of the Taiwan Virtual Asset Service Provider Association reflects a proactive stance towards enhancing industry standards and fostering collaboration between stakeholders.
Overall, the establishment of this association signals a positive step towards ensuring the responsible growth and development of the cryptocurrency sector in Taiwan. With 24 members on board, the association is well-positioned to drive meaningful change and promote a more robust regulatory framework for the industry.
In conclusion, the formation of the Taiwan Virtual Asset Service Provider Association represents a significant milestone in the country’s crypto advocacy efforts. By bringing together key industry players and stakeholders, the association aims to promote transparency, accountability, and best practices within the cryptocurrency sector. As Taiwan continues to navigate the evolving landscape of digital assets, initiatives like this will play a crucial role in shaping the future of the industry.