Taiwan Cryptocurrency Self-Regulatory Organization Established Today! BitoPro Serves as Chairman, XREX as Vice Chairman, and Rybit as Executive Director.

The Taiwan Virtual Currency Business Association (referred to as the Virtual Currency Association) held its inaugural member meeting on June 13, with 24 operators listed in the Financial Supervisory Commission's "List of Virtual Currency Platforms and Trading Businesses that have Completed Anti-Money Laundering Compliance Statements" joining the association. During the first joint meeting of the board of directors and supervisors, Kelvin Cheng, Co-founder and CEO of BitoPro Technology Co., Ltd., was elected as the first Chairman, and Wayne Huang, Co-founder and Chief Revenue Officer of XREX, was elected as the first Vice Chairman.

The Virtual Currency Business Association of the Republic of China (referred to as the Virtual Currency Association) held its inaugural first member meeting (founding meeting) on June 13th, with 24 operators listed in the Financial Supervisory Commission (referred to as FSC) "List of virtual currency platforms and trading business operators who have completed the declaration of compliance with anti-money laundering regulations" invited to join. At the first joint meeting of the first session of the Board of Directors and Supervisors, Kelvin Cheng, Co-founder and CEO of BitoPro from Bitotek Technology Corporation, was elected as the first Chairman of the Board, while Terry Hsiao, Co-founder and Chief Revenue Officer of XREX from Chain Technology Corporation, was elected as the first Vice Chairman.

Huang Hsi-ho, Head of the Securities and Futures Bureau of the Financial Supervisory Commission, visited to provide guidance during the meeting. In his speech, he stated, "The Financial Supervisory Commission places great importance on the development of the virtual asset industry. We believe that the healthy development of this industry is closely related to the social and economic development. The establishment of the association will bring more cooperation and consensus to the industry, promote compliance, standardization, and healthy development, and ensure the safety, transparency, and stability of the industry to enhance consumer protection." He also emphasized that the FSC will strengthen its cooperation with the Virtual Currency Association in the future to enhance customer rights protection, improve the industry's reputation and image, and promote the sound development of the industry.

Chairman Kelvin Cheng stated, "I am honored to be elected as the first Chairman of the Virtual Currency Association. Taiwan has a wealth of talent and opportunities. I hope that in the future, we can integrate resources, build the blockchain industry chain, lay a solid foundation in Taiwan, and establish reasonable and effective 'Self-Regulatory Norms'."

According to a special report by Chairman Huang Chin-lung of the Financial Supervisory Commission on June 12th at the Legislative Yuan Finance Committee regarding the "Amendment to the Anti-Money Laundering Act" and the "Establishment of the Prevention of Fraudulent Crime Act" to prevent virtual assets and trading businesses (VASPs) from becoming tools for fraud, the management of VASP-related matters will be implemented in four stages through a progressive regulatory approach:

• First stage: Issuance of the "Prevention of Money Laundering and Counter-Terrorist Financing Measures for Virtual Currency Platforms and Trading Businesses" to begin regulating VASPs.
• Second stage: Promote the establishment of a VASP industry association and formulate self-regulatory norms.
• Third stage: Amend the Anti-Money Laundering Act to include VASP registration, clarify VASP definitions, impose criminal liability on illegal operators, and consider differential management in subsidiary regulations.
• Fourth stage: Promote the establishment of a special law for virtual asset management to effectively regulate market behavior while promoting the healthy development of financial technology and VASP industries.

Virtual Asset Management Act is on the way: FSC announces four-stage management plan, to be submitted to the Executive Yuan in June 2025

The official establishment of the Virtual Currency Association signifies Taiwan's gradual progress in regulation, currently at a critical juncture in the second stage. Taiwan's phased regulatory model has garnered unanimous support from operators, demonstrating the power of public-private collaboration and setting a new international regulatory paradigm! Assisting Taiwan's virtual currency industry to establish itself in Taiwan and expand internationally.

The Virtual Currency Association, established according to the FSC's "Guiding Principles for Managing Virtual Asset Platforms and Trading Businesses (VASPs)," is a "regulatory" association serving as the sole direct communication channel between industry and government. Its primary task after establishment is to formulate "Self-Regulatory Norms," properly implement operator classification and management, build an industry chain and ecosystem, meet government expectations, and protect consumer rights while catering to industry interests and development. The Virtual Currency Association expresses high confidence in this approach and aims to prove that operator self-regulation is practical, meets societal expectations, and yields tangible results.

During the preparatory phase, the Virtual Currency Association has already collaborated with the Ministry of Justice and various units to establish anti-fraud, anti-money laundering, and joint defense mechanisms. It will continue to advance these efforts, contribute industry technology to law enforcement, significantly reduce industry risks and negative incidents, eliminate the industry's stigma, and create a clean, safe, and sustainable industry environment. To achieve this goal, the formulation and implementation of "Self-Regulatory Norms" will serve as the solid foundation.

Former Executive Yuan Political Deputy Minister and current Honorary Chairman of the Taiwan FinTech Association, Tsai Yu-ling, has been guiding and supporting operators in establishing the association and serving as the chief consultant since September last year. She stated, "Together, we will make this virtual currency industry a trusted one. There were many doubts from the outside during the establishment of the association, but the regulatory authorities have given operators the opportunity for self-regulation. We must cherish the goodwill of the regulatory authorities, unite as operators without blaming each other, and practice an innovative regulatory model as an example."