Digital asset platforms in Taiwan have joined forces to create an industry association, coinciding with the impending development of cryptocurrency regulations by Taiwanese authorities in September.
The Taiwan Virtual Asset Platform and Trading Business Association now boasts three founding members: MaiCoin Group, BitoGroup, and Ace Exchange. This association's preparatory group was established in early September but will officially come into effect in October once the government releases its cryptocurrency framework.
Currently, there are nine cryptocurrency exchanges in the preparatory group. Alongside the three founders, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito are also part of this organization.
The association's primary mission is to advocate for the interests of the crypto industry. It seeks to represent various entities within the crypto sector, including exchanges, peer-to-peer trading platforms, financial investment platforms, wallet custody firms, and other crypto-related businesses.
Wang Chenhuan, President of Ace Exchange, emphasized the association's role, stating that it functions as a guiding light, gathering information, setting standards, building consensus, speaking on behalf of its members, and leading the industry toward further progress.
Earlier in September, the Financial Regulatory Commission in Taiwan drafted ten guiding principles for the management of digital currencies in the country. While these principles are not yet publicly available, local media reported that one of them focuses on prohibiting foreign virtual asset service providers from engaging in illegal business solicitation in Taiwan.
In August, Binance, the world's largest cryptocurrency exchange by trading volume, applied for registration in Taiwan. It already operates in the country through a local entity known as Binance International Ltd. Taiwan Branch (Seychelles).
