Taiwan Crypto Platforms Form Association Ahead of Regulation

As national regulators prepare to outline a framework for crypto regulation this month, Taiwanese platforms have announced the formation of an industry association.

MaiCoin Group, BitoGroup, and ACE founded the Taiwan Virtual Asset Platform and Transaction Business Association.

The preparatory group for the association was established at the beginning of September, but legally, the initiative wouldn’t take effect until October, after the government releases its crypto framework.

Nine crypto exchanges are presently represented in the preparatory group. In addition to the aforementioned members, the group consists of BitstreetX, HOYA BIT, BITGIN, Rybit, XREX, and Shangbito.

The association will represent not only exchanges but also P2P trading platforms, financial investment platforms, wallet hosting companies, and other categories of crypto businesses.

“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 (FSC) of Taiwan drafted ten guiding principles for the administration of virtual currencies in the country, according to Wang Chenhuan, president of ACE Exchange.

According to local media, while the document was not yet available to the public, one of the principles contemplates prohibiting foreign VASPs from unlawfully soliciting business in Taiwan.

In August, Binance, the largest cryptocurrency exchange by trading volume, applied for registration in Taiwan.

It has been operating in the country through Binance International Limited Taiwan Branch (Seychelles) for some time.