In the face of impending crypto regulations, major crypto exchanges in Taiwan are pioneering an industrial association under the banner of the Taiwan Virtual Asset Platform and Transaction Business Association. Leading the spearhead, MaiCoin Group, BitoGroup, and ACE have stepped up to the plate, setting an example for nine other participating exchanges, inclusive of BitstreetX, HOYA BIT, BITGIN, Rybit, XREX, and Shangbito.
Achieving formal status in October, following the government’s introduction of its crypto regulatory framework, this initiative seemingly plays a dual role. On one end, it stands as a beacon for the industry, providing direction, standard setting, consensus building, and representation among local and foreign regulators. On the other hand, the community-led association serves as a fortified family, rallying various stakeholders including P2P trading platforms, wallet hosting companies, financial investment platforms, and the likes, ensuring a unified stand in the often turbulent crypto seas.
On a broader spectrum, this move appears to be in response to the Financial Supervisory Commission (FSC) of Taiwan’s draft on controlling virtual currencies, still under wraps but revealing concerns about illicit business solicitation by foreign VASPs. Industry stalwarts like Binance are already raising the stakes by extending their operations into Taiwan, potentially pressurizing for conducive regulation. However, the association’s direction may welcome skepticism as it is yet to come full circle once the government unveils its crypto regulatory framework.
Nevertheless, the association seemingly guarantees a sense of reassurance as crypto dynamics continue to unfold in Taiwan and across the globe. It not only showcases the industry’s adaptability but also reveals its capacity to self-regulate and present a unified voice in policy-making forums. However, the effective patronage of the association will significantly hinge upon the government’s stance towards cryptocurrencies, an influential factor that can swing the pendulum in either direction.
In closing, the formation of such an association is a noteworthy stride towards the industry’s maturity. Whether it will yield greater advantages for crypto platforms or face regulatory roadblocks is yet to be witnessed. Consequently, the intersections of self-regulation, government policies, and the dynamics of the crypto universe become a fascinating space to observe.
Source: Cointelegraph
