Major Exchanges in Taiwan Unite to Advance Industry’s Interests

MaiCoin Group, BitoGroup, and Ace Exchange have taken the lead as the inaugural founders of the Taiwan Virtual Asset Platform and Transaction Business Association.

Exchanges in Taiwan Team Up

As per the report, following the announcement of plans to introduce a cryptocurrency regulation framework in September, digital asset platforms in Taiwan have revealed the formation of an industry association. However, the formal implementation of this initiative will take place in October, pending the issuance of the government’s cryptocurrency framework.

The Group Includes Nine Firms

In addition to the three mentioned earlier, the group comprises six other digital asset platforms, namely BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito, making a total of nine members in the association.

The association has a clear objective of advocating for the interests of the cryptocurrency industry. Its mission is to represent a wide range of crypto-related businesses, including exchanges, peer-to-peer trading platforms, financial investment platforms, wallet hosting companies, and various other types of cryptocurrency enterprises.

Wang Chenhuan, the president of Ace Exchange noted: “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.”

Taiwan to Put FSC in Charge of Crypto

Taiwan was reportedly considering the possibility of designating the Financial Supervisory Commission (FSC), the country’s top financial regulator, as the authority responsible for overseeing cryptocurrency activities and the emerging cryptocurrency industry in the region. This proposal was under discussion as of March of this year. Recently, the Financial Supervisory Commission of Taiwan had drafted a set of 10 guiding principles for the regulation and management of digital currencies within the country.

Neighboring Countries have Introduced Crypto Frameworks

In addition to Taiwan, neighboring countries such as Japan, Hong Kong, and Singapore are also actively developing and refining their cryptocurrency regulatory frameworks. Hong Kong, in particular, has recently demonstrated its readiness and capability to facilitate the widespread adoption of cryptocurrencies in 2023.