Taiwan's Crypto Landscape: A New Horizon in Regulation and Collaboration

Industry Leaders Unite: The Dawn of the Taiwan Virtual Asset Platform and Transaction Business Association

by Faruk Imamovic
Taiwan's Crypto Landscape: A New Horizon in Regulation and Collaboration
© Getty Images News/An Rong Xu

In a proactive response to Taiwan's impending cryptocurrency regulatory framework expected this September, Taiwan's prominent digital asset platforms have declared the formation of an industry association. MaiCoin Group, BitoGroup, and Ace Exchange have stepped up as the pioneering founders of the Taiwan Virtual Asset Platform and Transaction Business Association.

Although the preparatory group for this association emerged earlier in September, the legal establishment of the initiative will come into effect in October, following the government's publication of its much-anticipated cryptocurrency guidelines.

The preparatory group boasts representation from a total of nine crypto exchanges. Beyond the trio spearheading this initiative, the collective also encompasses BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito.

Voices from the Forefront: Industry Stalwarts Share Their Visions

Liu Shivi, the founder and executive director of MaiCoin Group, illuminated the ambitions behind their endeavor.

"MaiCoin Group's long-term efforts in blockchain technology and cryptocurrency mainstreaming, in alliance with the Golden Pipe Association and industry counterparts, have realized significant strides in cryptocurrency regulation this year," he said.

Expressing optimism about this new chapter, Shivi added, "The creation of this association will mark a pivotal milestone in facilitating dialogue among stakeholders. MaiCoin Group remains steadfast in advancing the adoption of virtual assets in a manner that aligns with both regulatory expectations and user needs." Zheng Guangtai of BitoGroup reinforced the mission of this alliance.

"The essence of Minto's establishment lies in fostering a trading ecosystem rooted in security, trust, convenience, and innovation," he articulated. As BitoGroup approaches its decennial anniversary in 2024, Guangtai emphasized their responsibility to pave the way for industry growth, leaning on a decade's worth of expertise in areas ranging from security to anti-money laundering initiatives.

"We aim to channel our cumulative knowledge to benefit the broader industry ecosystem, fostering collaborative growth and fortifying global connections," he asserted. Echoing the sentiments of unity and purpose, Wang Cheng, the President of ACE Ace Exchange, remarked, "This guild symbolizes more than just an association; it's a guiding light, a familial bond, a beacon amassing knowledge, setting standards, and solidifying consensus.

It voices our collective aspirations, driving us toward continual progress." As Taiwan stands at the cusp of regulatory evolution, this groundbreaking collaboration promises to shape a resilient, inclusive, and progressive crypto ecosystem.