Milestone in Taiwan's Crypto Industry: Virtual Currency Business Association Officially Approved

According to reliable sources, Taiwan has officially approved the VASP Association: Virtual Asset Service Providers Association of the Republic of China.

Taiwan Officially Approves the "Virtual Currency Business Association"

According to the preparatory office's official website, Taiwan's three major exchanges and multiple platforms that have completed the Anti-Money Laundering compliance statement with the Financial Supervisory Commission since September last year have established the Taiwan Virtual Asset Platform and Exchange VASP Association preparatory group.

At that time, the parties united to invest resources and manpower in the early stages, hoping to establish the association as soon as possible, effectively integrate virtual currency operators, ensure self-compliance, and establish an effective and smooth communication channel with the government.

Although former ACE chairman Wang Chen-huan was involved in a fraud case during the process, after six months of effort, according to reliable sources, the "Republic of China Virtual Currency Business Association" has now been officially approved.

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Representatives from the association's preparatory group, XREX, pointed out that the Ministry of the Interior sent a letter to XREX's representative on March 25th, granting permission to organize the "Republic of China Virtual Currency Business Association" according to the law.

In the final list of initiators, there are a total of 22 VASP operators, including MaiCoin, Rybit, XREX, ZomFast, BitoPro, and HOYA BIT.

Subsequently, in accordance with the provisions of the Ministry of the Interior's Law on Associations, the "preparatory stage" and "establishment stage" work will be carried out. The preparatory committee should complete the preparatory work within three months from the date of establishment. In special circumstances, an extension of one month may be applied for with the approval of the competent authority.

The VASP Association preparatory group continues to hold bi-weekly meetings to maintain the progress of the relevant processes.