Taiwan's Major Crypto Exchanges Form Association to Align with Upcoming Regulations

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Key Takeaways

As Taiwan's Financial Supervisory Commission (FSC) prepares to unveil its «Guiding Principles for the Management of Virtual Asset Service Providers (VASPs)» in September, the country's major crypto exchanges have taken proactive steps. They have formed a preparatory group, known as the Taiwan VASP Association Preparatory Committee, in early September. The initiative is expected to become legally effective in October, following the government's release of its crypto framework.

Unified Industry Efforts

The preparatory group consists of nine crypto exchanges, including the first three founders: MaiCoin Group, BitoGroup, and Ace Exchange. Other members are BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito. «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,» said Wang Chenhuan, President of Ace Exchange.

Regulatory Alignment

The association aims to align with the upcoming regulations by the FSC. «We have a responsibility to lead industry partners in perfecting infrastructure and regulations,» said Zheng Guangtai, Founder and CEO of BitoGroup. He added that BitoGroup has accumulated rich experience in areas like cybersecurity, internal control, anti-money laundering, and counter-terrorism financing over the past decade.

Broadening the Ecosystem

The association is not limited to exchanges and aims to include other key players like traditional banks, fintech firms, accountants, and insurance companies. «The most important work at this stage is to play the role of internal communication. Only through unity and cooperation can we build a robust industry chain,» said