As Taiwan’s crypto community gears up to establish an operational group this October with the aim of seamlessly integrating digital currency adoption and self-compliance, the buzz within the sector is palpable. This development has been undertaken to establish a smooth and effective communication channel with the government, which holds the potential to transform the future of cryptocurrencies in Taiwan.
This significant initiative is being spearheaded by nine cryptocurrency exchanges in Taiwan, who banded together in September to form the association. Their endgame? To propel the progress of the native digital asset industry, foster a wholesome industrial environment, and attract qualified members to the cause. All these efforts are geared towards ensuring the continuous evolution and robust wellbeing of the industry.
Named the Taiwan Virtual Asset Platform and Transaction Business Association, the founders had their inaugural meeting in Taiwan’s capital city of Taipei last month. Discussions centered around picking up pace on forming the forthcoming guidelines charted out by the country’s financial regulator. This move comes in light of the Financial Supervisory Commission for Virtual Currency Management’s (Taiwan’s official crypto regulator) announcement about issuing ten guiding principles specific to virtual asset services providers (VASPs) geared towards establishing self-regulatory norms.
The committee’s formation comes at an opportune time, preceding the Financial Conduct Authority’s (FCA) forthcoming guidelines, scheduled to roll out this month. The committee is a composite of nine crypto exchanges, including notable actors such as MaiCoin, BitoGroup, Ace Digital, Rybit, and BitstreetX.
Liu Shiwei, at the helm of the MaiCoin Group, believes that the association’s creation will herald a new era of dialogue with all industry stakeholders. They remain committed to fostering a mainstream presence for virtual assets. Cai Yuling, chairman of the Taiwan Fintech Association and general consultant of the working group, concurs, emphasizing the ability of the association to build consensus and facilitate external negotiations.
This widespread consensus could potentially lay the groundwork for a comprehensive crypto industry ecosystem in Taiwan. However, its impact expands beyond the country’s borders, offering Taiwanese industry participants an opportune entry onto the global cryptocurrency stage.
Moving forward, the association is poised to formulate self-regulatory norms that align with the guiding principles set forth by the regulator. This strategic move aims to promote self-discipline within the industry, setting a precedent for the nation’s cryptocurrency sector’s well-rounded supervision. As the dust settles on these unprecedented developments, all eyes are on the progressive nation of Taiwan, eagerly anticipating the maturation of its cryptocurrency industry.
Source: Cryptonews
