Taiwan Industry Association Drafts Seven Membership Conditions: CooTek Technology to Withdraw, Sanchuan Tong Token to Join

On 9/11, nine Taiwanese virtual currency operators established a preparatory office for an association, and on 9/19, they held another meeting to decide on matters, setting seven mandatory membership conditions. According to these conditions, CooTek temporarily withdrew from the preparatory group, while BitstreetX joined.

Rename: Taiwan Virtual Asset Platform and Exchange Business Association (VASP) Preparatory Group

The operators have decided to rename the "Preparatory Office" to the "Preparatory Group" to align with the current organizational status. At the same time, the groups formerly known as Group-A and Group-B have been renamed to "Preparatory Group Members" and "OOO Operators" respectively to avoid confusion.

Taiwan Operator Association Preparatory Group Sets Seven Membership Criteria

The operators have resolved that members wishing to join the preparatory group must meet the following seven conditions:

• Have completed an anti-money laundering compliance statement
• Comply with the Financial Supervisory Commission's nine guiding principles
• Own a platform in operation
• Have a wallet custody mechanism
• Have a basic internal cybersecurity team
• Have a sound internal legal and compliance team
• Have a fiat currency bank interface, with fiat currency delivery trust

Therefore, the Preparatory Group expresses special thanks to the former Preparatory Group Member, Woo Network Technology Co., Ltd. (Woo Network). Woo Network voluntarily assessed the above seven essential qualifications and, in order to comply with fairness, expedite the establishment of the association, and avoid disputes, is willing to temporarily withdraw from the preparatory group as it currently does not support fiat currency. Woo Network will apply to join the association directly once the association's articles of incorporation are complete.

In addition, BitstreetX Co., Ltd. (BitstreetX) has applied to join the preparatory group.

Goal to Establish Association by End of the Year, Release Articles of Incorporation by Mid-October

The Preparatory Group aims to establish the association by the end of this year, and therefore must complete the setting of the articles of incorporation before officially applying to the Ministry of the Interior by mid-October.

See the complete meeting record