Nine Taiwan Crypto Firms Form Committee to Push for Regulation

Nine Taiwan Crypto Firms Form Committee to Push for Regulation

The Growing Blockchain Industry in Taiwan

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Taiwan’s blockchain and cryptocurrency community is taking significant steps towards establishing a more integrated and compliant ecosystem within the country. In mid-October, a working group was formed by nine cryptocurrency exchanges to foster effective communication with the government and promote the development of the digital asset industry. The primary objective of this association, named the Taiwan Virtual Asset Platform and Transaction Business Association, is to create a healthy industrial environment and pave the way for continued growth in the industry.

Strengthening Communication Channels

The first meeting of the association took place in Taipei on September 19. During this meeting, the group discussed strategies to expedite the formulation of guidelines proposed by the country’s financial regulator. The regulator, Taiwan’s Financial Supervisory Commission for Virtual Currency Operations, announced earlier this month that it would introduce ten guiding principles for virtual asset service providers (VASPs) to establish self-regulatory rules. This move aims to enhance industry transparency and accountability.

Collaboration for Industry Representation

The working group consists of nine crypto exchanges, including prominent players like MaiCoin, BitoGroup, Ace Digital, Rybit, and BitstreetX. The establishment of this association marks an important milestone in creating an open channel of communication between various stakeholders. Liu Shiwei, the founder and CEO of MaiCoin Group, emphasized the significance of this initiative in living up to the expectations of authorities and users and accelerating the mainstream adoption of virtual assets.

The Association’s Mission

Cai Yuling, the Chairman of the Taiwan Fintech Association and the general consultant of the working group, highlighted the industry’s potential and the need for the association to serve as an industry representative. This representation would enable the association to build consensus and negotiate at the external level. By establishing a complete blockchain industry ecosystem, Taiwan can position itself effectively on the global stage and make its mark in the cryptocurrency field. The association intends to develop self-regulatory norms based on the principles set forth by the financial regulator, fostering self-discipline within the industry.

Maturing Blockchain Supervision in Taiwan

Through these collaborative efforts and the adoption of self-regulatory measures, it is expected that Taiwan’s supervision of the cryptocurrency industry will gradually mature. This evolution will not only contribute to the growth of the domestic digital asset industry but also enable Taiwanese industry players to actively participate in the global blockchain ecosystem. By integrating digital currency adoption and self-compliance, Taiwan is creating an environment that supports the continued expansion and vigorous development of the blockchain industry within its borders.

Conclusion

The establishment of the Taiwan Virtual Asset Platform and Transaction Business Association is a vital step towards strengthening the blockchain industry ecosystem in Taiwan. By bringing together multiple cryptocurrency exchanges, the association aims to promote communication, consensus, and self-regulation within the industry. Through their efforts, Taiwan’s regulatory framework for cryptocurrencies is poised to develop further, paving the way for future growth and innovation in the country’s digital asset landscape.

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