Taiwan's Crypto Entities Form an Industry Association Ahead of Regulatory Framework Rollout
Summary:
As Taiwanese regulators finalize their crypto regulation framework, crypto platforms in Taiwan establish an industry association. The Taiwan Digital Asset Platform and Trading Enterprise Association was founded by MaiCoin Group, BitoGroup, and ACE, among others. The association aims to represent the interests of the industry, including exchanges, peer-to-peer trading platforms, financial investment platforms, and crypto businesses. In related news, the Financial Supervisory Commission of Taiwan proposed ten guiding principles for managing digital currencies within the country.
Gearing up for the imminent rollout of their digital currency regulations, Taiwan's crypto entities have revealed the creation of an encompassing industry assemblage. The launch charter of the Taiwan Digital Asset Platform and Trading Enterprise Association saw the MaiCoin Group, the BitoGroup, and ACE as the pioneering founders. Initially conceptualized in September, the association gains legal recognition following the launch of the country's crypto regulations in October. Currently, the preparatory group houses nine recognized crypto trading platforms. The trio mentioned earlier, alongside BitstreetX, HOYA BIT, BITGIN, Rybit, XREX and Shangbit, make up this group. As an echo to its creation, the association hopes to champion the interests of the industry, finding representation colloquially among exchanges, P2P transaction networks, fiscal investment platforms, wallet storage firms and other niche crypto enterprises. ACE Exchange President, Wang Chenhuan, likens the association to a beacon that guides direction, aggregates data, standardizes operations, constructs consensus, speaks on behalf of the crypto sphere and directs advancement. Earlier in September, it was reported that Taiwan's Financial Supervisory Commission (FSC) drew up a draft of ten guiding principles for virtual currency handling in the region. Local media hinted that one of these principles proposes the banning of foreign VASPs from unauthorized business solicitation within Taiwan. Prior to this, Binance, the global leader in crypto transactions by volume, filed for registration in Taiwan, it was already functioning in the country via a local chapter called Binance International Limited Taiwan Branch (Seychelles).
Published At
9/26/2023 8:08:10 AM
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