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Nine Crypto Firms in Taiwan Form Working Committee to Foster Regulatory Push

Sujha Sundararajan
Last updated: | 2 min read
Source: Pixabay / Shutterbean

Taiwan’s crypto community is coming forward to establish a working group in mid-October to “effectively integrate” digital currency adoption and self-compliance, in a move to “establish an effective and smooth communication channel with the government.”

According to a press release, nine cryptocurrency exchanges in Taiwan formed the association in early September.

The group aims to “promote the development of the domestic digital asset industry, create a good and healthy industrial environment, and recruit qualified members to facilitate the continued expansion and vigorous development of the industry,” the association wrote.

The committee dubbed the Taiwan Virtual Asset Platform and Transaction Business Association, had their first meeting in Taipei on Sept. 19, discussing ways to accelerate the formation of the said guidelines planned by the country’s financial regulator.

Early this month, Taiwan’s Financial Supervisory Commission for Virtual Currency Management, the country’s crypto regulator, said that it would issue ten guiding principles for virtual asset services providers (VASPs) to establish self-regulatory rules.

The regulator will officially introduce its “Guiding Principles for the VASPs,” it added. The formation of a crypto committee comes ahead of FCA’s proposed guidelines, which would take effect by this month.

The working group comprises of nine crypto exchanges including MaiCoin, BitoGroup, Ace Digital, Rybit and BitstreetX, among others.

“The establishment of the association will be an important milestone in starting communication with all parties, and the MaiCoin Group will continue to work with its peers to promote the mainstreaming of virtual assets in a spirit of living up to the expectations of authorities and users,” Liu Shiwei, founder and CEO of MaiCoin Group, said.

The Association’s Plans

Cai Yuling, chairman of the Taiwan Fintech Association, who also serves as the general consultant of the working group, said that the association is led by three major exchanges in the country, which adds “great potential” to its mission.

“The most important thing for the association is to be industry representative so that it can build consensus and negotiate externally.”

Further, the consensus not only establish a complete crypto industry ecosystem in Taiwan, but also allows Taiwanese industry players to enter the world stage and occupy a place in the global cryptocurrency field, Yuling added.

After establishment, the association would formulate self-regulatory norms based on the guiding principles promulgated by the regulator in order to promote self-discipline in the industry, the release noted.

“Based on this, it is expected that Taiwan’s supervision of the cryptocurrency industry will gradually mature.”