Taiwan crypto exchanges form association to advance industry interests.

Taiwan crypto exchanges form association to advance industry interests.

Taiwan’s Blockchain Industry Gears Up with the Formation of an Association

In preparation for the upcoming crypto regulation framework in September, Taiwan’s digital asset platforms have taken a proactive step by establishing the Taiwan Virtual Asset Platform and Transaction Business Association. The formation of this industry association is a significant milestone that aims to advocate for the interests of various players in the blockchain industry, including exchanges, peer-to-peer trading platforms, financial investment platforms, wallet hosting companies, and other crypto businesses.

The association’s initial board consists of three prominent founders: MaiCoin Group, BitoGroup, and Ace Exchange. In addition to the founders, there are six other crypto exchanges represented in the preparatory group: BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito. By bringing together these influential players in the crypto space, the association can effectively collaborate and represent the industry’s collective voice.

The goals set by the association are ambitious. They aim to serve as a guiding light for the industry, collecting vital information, establishing industry standards, building consensus, advocating for its members, and facilitating overall progress. Wang Chenhuan, President of Ace Exchange, aptly described the association as a “family and a beacon” that will lead the industry towards further advancements.

This move comes in the wake of the Financial Supervisory Commission of Taiwan’s creation of a draft containing ten guiding principles for managing digital currencies within the country. While the draft itself has not been made public, local media reports suggest that one of the principles is aimed at prohibiting foreign virtual asset service providers from engaging in illegal solicitation within Taiwan. This suggests that the government is actively working towards creating a secure and compliant environment for the blockchain industry to thrive.

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The establishment of this association is a testament to the growing importance and influence of blockchain technology in Taiwan. The country has shown a proactive approach in embracing this transformative technology. Major players in the blockchain industry, such as Binance, have recognized Taiwan’s potential and have already begun their operations in the country.

Binance, the world’s leading crypto exchange by trading volume, has recently applied for registration in Taiwan. Through its local entity called Binance International Limited Taiwan Branch (Seychelles), it has been operating within the country and actively participating in the local crypto ecosystem. This move further highlights Taiwan’s position as a favorable destination for blockchain businesses.

To summarize the key points discussed in this article, the establishment of the Taiwan Virtual Asset Platform and Transaction Business Association signifies a significant step forward for Taiwan’s blockchain industry. The association aims to foster collaboration among various stakeholders, advocate for the industry’s interests, and work towards the establishment of industry standards. With the impending crypto regulation framework, Taiwan is positioning itself as a hub for blockchain innovation and development.