Taiwan Crypto Advocacy Body Becomes Formally Active With 24 Entities

As a researcher with a background in cryptocurrency and blockchain technology, I’m thrilled to see the formation of the Taiwan Virtual Asset Service Provider Association. With over two dozen entities coming together to establish this industry association, it’s clear that there is a growing recognition of the need for collaboration between private companies and the government to supervise the crypto industry in Taiwan.

The Taiwan Virtual Asset Service Provider Association, which serves as Taiwan’s crypto advocacy group, officially came into existence following a founding event attended by 24 cryptocurrency-linked organizations, as reported in an announcement on X and detailed in a blog post from XREX, a blockchain company.

The body will serve as a connector, facilitating collaboration between the private sector and the government in overseeing the industry. To begin, it will develop a self-regulatory code encompassing industry categorization, maintaining lists and delisting, consumer safeguards, risk management, transaction surveillance, and advertising promotion. (Source: blog post)

As a crypto investor, I was part of a group of nine entities who initiated the preparations for establishing our association back in September.

In March 2024, Taiwan’s Interior Ministry granted approval for the establishment of the new body in accordance with the law. The inaugural meeting for this organization took place on a Thursday. Titan Cheng, founder and CEO of BitoPro, will preside over the body as its chair, and Winston Hsiao, XREX’s Chief Revenue Officer, will serve as the vice chair.

In response to the FTX scandal, Taiwan is now considering passing new laws to oversee the cryptocurrency market, a shift from its previous lax approach.