In a strategic move to influence the impending crypto regulations in Taiwan, major players in the digital asset space have come together to form the Taiwan Virtual Asset Platform and Transaction Business Association. The association is set to become operational in October following the government’s regulatory framework release in September.
Founding Pioneers
MaiCoin Group, BitoGroup, and Ace Exchange have taken the pioneering step as the association’s first three founders. This significant development comes on the heels of Taiwan’s Financial Supervisory Commission drafting ten guiding principles for digital currency management within the country, albeit not yet open to the public.
Among these principles, one seeks to curb foreign virtual asset service providers’ illicit solicitation of business within Taiwan.
Strength in Numbers and Diverse Representation
The preparatory group for the association boasts participation from a total of nine crypto exchanges, indicating strong industry support. In addition to the founding trio, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito are active contributors to this collaborative endeavor.
The association’s mission extends beyond exchanges and embraces various segments of the crypto ecosystem. It aims to represent not only exchanges but also peer-to-peer trading platforms, financial investment platforms, wallet hosting companies, and other crypto-related businesses.
Wang Chenhuan, President of Ace Exchange, expressed the association’s role eloquently, stating,
“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.”
Binance’s Taiwan Aspirations
Meanwhile, in a separate development, the world’s leading crypto exchange by trading volume, Binance, has applied for registration in Taiwan. Operating in the country through a local entity known as Binance International Limited Taiwan Branch (Seychelles), Binance’s move underscores the region’s growing significance in the global crypto landscape.
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