Taiwan Welcomes New Crypto Association
As regulators in Taiwan gear up to unveil a crypto regulation framework next month, a significant shift is taking place in the country’s digital currency sector. Three leading players—MaiCoin Group, BitoGroup, and Ace Exchange—have banded together to establish the Taiwan Virtual Asset Platform and Transaction Business Association. This initiative marks a pivotal moment for the industry, setting the stage for a more structured approach to crypto regulation.
The Preparatory Crew
The groundwork for this association was laid in early September. However, legal recognition will only come once the government’s crypto guidelines are rolled out in October. Currently, the preparatory group boasts nine crypto exchanges, expanding its representation to include BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito along with the founding trio.
Why an Association?
This new association aims to champion the interests of various players in the crypto ecosystem, including exchanges, P2P platforms, wallet services, and investment platforms. Wang Chenhuan, President of Ace Exchange, described the association as a “family and a beacon.” He emphasized its role in guiding members, gathering insights, establishing industry benchmarks, and articulating a collective voice—essentially acting as the industry’s megaphone.
Regulatory Framework on the Horizon
The Financial Supervisory Commission (FSC) of Taiwan is also making strides, having drafted ten guiding principles for managing digital currencies. While these principles remain under wraps for now, local media suggest a key focus will be on curbing foreign virtual asset providers from illegally courting business within Taiwan’s borders. Sounds like they’re taking the ‘keep it local’ motto to heart!
Binance Enters the Ring
In a twist that’s both exciting and eyebrow-raising, Binance, the world’s leading crypto exchange by trading volume, has thrown its hat into the ring—applying for registration in Taiwan. So far, it operates via a local entity, Binance International Limited Taiwan Branch, which is based in the Seychelles. One might wonder if this move reflects the ever-growing competitive atmosphere in the region.
Looking Ahead
As the industry collectively prepares for the impending regulatory landscape, the establishment of this association becomes a notable development. It heralds a potential shift towards better organization and advocacy for stakeholders within Taiwan’s vibrant crypto scene. Who knows, perhaps this could be the beginning of a thriving ecosystem in line with the regulatory winds blowing in Taipei.
“It’s not just about survival; it’s about thriving together as an industry.” – Unknown
