Taiwan’s Crypto Community Forms Working Group to Promote Digital Currency Adoption
In mid-October, Taiwan’s crypto community announced the establishment of a working group aimed at integrating digital currency adoption and self-compliance. The group’s goal is to establish effective communication with the government and create a conducive environment for the development of the domestic digital asset industry.
Background
The formation of the working group follows the establishment of an association consisting of nine cryptocurrency exchanges in Taiwan. The association, called the Taiwan Virtual Asset Platform and Transaction Business Association, held its first meeting on September 19 in Taipei. During the meeting, discussions were held regarding ways to expedite the development of guidelines planned by the country’s financial regulator.
Earlier this month, Taiwan’s Financial Supervisory Commission for Virtual Currency Management, the country’s crypto regulator, announced that it would issue ten guiding principles for virtual asset services providers (VASPs) to establish self-regulatory rules. The regulator plans to introduce its „Guiding Principles for the VASPs“ as part of efforts to regulate the cryptocurrency industry.
The Working Group
The working group comprises nine crypto exchanges, including MaiCoin, BitoGroup, Ace Digital, Rybit, and BitstreetX. The establishment of the association is seen as a milestone for initiating communication with all stakeholders and promoting the mainstreaming of virtual assets in Taiwan.
Cai Yuling, chairman of the Taiwan Fintech Association and the general consultant of the working group, emphasized the importance of the association being an industry representative. This will enable the group to build consensus and negotiate effectively. Additionally, the consensus reached within the association will help establish a complete crypto industry ecosystem in Taiwan and position Taiwanese industry players on the global stage.
Plans of the Association
Once established, the association plans to develop self-regulatory norms based on the guiding principles put forth by the regulator. These norms will promote self-discipline within the industry and contribute to the maturity of Taiwan’s supervision of the cryptocurrency industry.
By effectively integrating digital currency adoption and self-compliance, the association aims to create a healthy industrial environment that fosters the continued expansion and vigorous development of the digital asset industry in Taiwan.
FAQs:
- What is the purpose of the working group formed by Taiwan’s crypto community?
- How many cryptocurrency exchanges are part of the association?
- What will the association do to promote self-discipline within the industry?
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