The Taiwan VASP Association preparatory group, led by three major exchanges, is expected to apply for establishment in mid-October, welcoming various industry participants.

Taiwan's Financial Supervisory Commission is expected to officially announce the "Guidelines for Managing Virtual Asset Platforms and Trading Businesses - VASP" in September. The Ministry of Economic Affairs revised the business group classification standards last month, adding a new category for "virtual currency businesses." Virtual currency operators are expected to be able to apply to form an association in mid-October. The three major exchanges in Taiwan and many platform operators who have completed the FSC's anti-money laundering compliance statement are pleased to see Taiwan's regulatory environment gradually taking shape. They are taking the lead in early September to establish the Taiwan Virtual Asset Platform and Trading Business Association(VASP) Preparatory Group (referred to as the Taiwan VASP Association Preparatory Group in the following text), which has united resources and manpower in the early stages 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.

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Taiwan VASP Preparatory Group Chief Consultant: Led by Three Major Exchanges

Taiwan VASP Preparatory Group's Chief Consultant, Taiwan Financial Technology Association Chairman Tsai Yu-ling said: "The most important aspect of the association is to have industry representation, in order to consolidate consensus and negotiate externally. Currently, the preparatory group is led by three major exchanges, joining forces with highly promising platform operators to work together. I can already see the effectiveness of everyone's unity, not only establishing a complete cryptocurrency industry ecosystem in Taiwan, but also enabling Taiwanese businesses to step onto the world stage, and gain a foothold in the global cryptocurrency arena."

After the establishment of the Taiwan VASP Association, it will establish self-regulatory norms based on the guidelines issued by the Financial Supervisory Commission to promote industry self-discipline. With this foundation, it is hoped that Taiwan's regulation of the cryptocurrency industry can gradually mature, not only involving virtual currency operators, but also introducing key roles such as traditional banks, financial technology, accountants, insurance companies, etc., to become important members of the ecosystem.

MaiCoinn Group Founder Liu Shiwei: Advancing Virtual Assets into the Mainstream with Industry Peers

MaiCoinn Group Founder and CEO Liu Shiwei stated: " MaiCoinn Group has long been committed to mainstreaming blockchain technology and cryptocurrency. Through collaboration with the Financial Supervisory Commission and industry peers, this year has seen significant progress in cryptocurrency regulation. Establishing the association will be an important milestone in opening communication with various parties. MaiCoinn Group will also continue to promote the mainstreaming of virtual assets in line with the expectations of regulatory authorities and users."

BitoGroup Founder Zheng Guangtai: Providing 10 Years of Experience Sharing

BitoGroup Founder and CEO Zheng Guangtai stated: "The founding purpose of BitoGroup is to establish a secure, convenient, trustworthy, and innovative trading environment. BitoGroup will enter its 10th year in 2024, and we have a responsibility to lead industry partners in improving infrastructure and formulating regulations, united. Over the past 10 years, BitoGroup has accumulated rich experience in cybersecurity, internal audit and control, anti-money laundering, and combating terrorist financing. We hope to transform our accumulated experience into nutrients, contribute to the industry ecosystem, truly realize shared values, and align internationally."

ACE Chief Executive Officer Wang Chenhuan: The Association is a Family, a Beacon

ACE Chief Executive Officer Wang Chenhuan stated: "The association is a family, a beacon that guides us, gathers information, sets standards, consolidates consensus, represents us, and leads us to greater advancement."

Taiwan VAS P Association Preparatory Group: Currently Nine Industry Participants

The current members of the preparatory group include nine cryptocurrency exchanges and trading platforms, listed in order of their company names:

● BitstreetX Co., Ltd. (BitstreetX)
● ACE Digital Innovation Co., Ltd. (ACE)
● HOYA BIT Digital Technology Co., Ltd. (HOYA BIT)
● BitoTech Co., Ltd. Taiwan Branch (BitoTech)
● Modern Fortune Technology Co., Ltd. (MaiCoin)
● Afterall Technology Co., Ltd. (BITGIN)
● BitoPro Technology Co., Ltd. (BitoPro)
● Rybit Co., Ltd. (Rybit)
● XREX Co., Ltd. (XREX)

Taiwan VAS P Association: Members Include More Than Just Exchange Operators

The establishment of the Taiwan VASP Association aims to promote the development of the domestic virtual currency industry, create a good and healthy industry environment, and recruit qualified members to facilitate the continuous expansion and vigorous development of the industry. While the preparatory group is initiated by exchanges and trading platforms, whether in the preparatory stage or after the formal establishment of the association, the principles of non-malicious exclusion and non-abusive self-interest will be upheld. The convener of the preparatory group, Xiao Huizong, also presented a draft of the association's organizational structure during the blueprint, which, although just a blueprint, still needs further discussion. It is evident that the recruitment of qualified members extends beyond exchanges and trading platforms to cover over-the-counter trading platforms, C2C trading platforms, financial investment platforms, wallet custodians, quantitative trading operators, and more.

XREX Exchange Co-Founder Xiao Huizong: Starting from Self-Requirements of Practitioners

XREX Exchange Co-Founder and Chief Revenue Officer Xiao Huizong, serving as the convener of the preparatory group, stated: "The most important work at this stage is to play a role in internal communication. Only through unity and cooperation can we build a robust industry chain, establish clear and reasonable standards, start from self-requirements of practitioners, communicate with the government to form a sound legal system, and assist operators in jointly launching a beautiful international battle."

Submission of Association Application to the Ministry of the Interior in Mid-October

At this stage, the preparatory group will play an important role in communication and coordination, upholding the principles of neutrality, transparency, openness, and fairness, to assist domestic virtual currency operators in establishing a credible association. Considering the plans announced by the Ministry of Economic Affairs and the Ministry of the Interior, as well as the schedule for association applications, the preparatory group plans to submit the association application to the Ministry of the Interior in mid-October, aiming to formally establish the Taiwan VASP Association by the end of this year.

The preparatory group currently holds weekly meetings on Tuesday afternoons, and meeting records are publicly available on GitBook to increase transparency for the preparatory group and the future association. You are welcome to visit the Taiwan Virtual Asset Service Provider Preparatory Office to view meeting records and understand the progress and decisions of the preparatory group.