MaiCoin Group, BitoGroup, and Ace Exchange have taken the lead as the inaugural founders of the Taiwan Virtual Asset Platform and Transaction Business Association.
<h2 id="span-style-font-weight-400-exchanges-in-taiwan-team-up-span">Exchanges in Taiwan Team Up</h2>
As per the report, following the announcement of plans to introduce a cryptocurrency regulation framework in September, digital asset platforms in Taiwan have <a href="https://www.twvasp-po.org.tw/tai-wan-xu-ni-zi-chan-ping-tai-ji-jiao-yi-ye-wu-shi-ye-gong-hui-chou-bei-xiao-zu-taiwan-virtual-asse/xin-wen-gao/2023-nian-9-yue-26-ri-xin-wen-gao" rel="noopener noreferrer nofollow">revealed</a> the formation of an industry association. However, the formal implementation of this initiative will take place in October, pending the issuance of the government’s cryptocurrency framework.
<h3 id="span-style-font-weight-400-the-group-includes-nine-firms-span">The Group Includes Nine Firms</h3>
In addition to the three mentioned earlier, the group comprises six other digital asset platforms, namely BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito, making a total of nine members in the association.
The association has a clear objective of advocating for the interests of the cryptocurrency industry. Its mission is to represent a wide range of crypto-related businesses, including exchanges, peer-to-peer trading platforms, financial investment platforms, wallet hosting companies, and various other types of cryptocurrency enterprises.
Wang Chenhuan, the president of Ace Exchange noted: “The association is a family and a beacon. It guides us in the direction, collects information, sets standards, builds consensus, speaks on our behalf, and leads us to further progress.”
<h2 id="span-style-font-weight-400-taiwan-to-put-fsc-in-charge-of-crypto-span">Taiwan to Put FSC in Charge of Crypto</h2>
Taiwan was reportedly considering the possibility of designating <a href="https://thecoinrise.com/taiwans-fsc-likely-to-be-named-main-crypto-regulator/" rel="noopener noreferrer nofollow">the Financial Supervisory Commission (FSC)</a>, the country’s top financial regulator, as the authority responsible for overseeing cryptocurrency activities and the emerging cryptocurrency industry in the region. This proposal was under discussion as of March of this year. Recently, the Financial Supervisory Commission of Taiwan had <a href="https://www.cna.com.tw/news/afe/202309070063.aspx" rel="noopener noreferrer nofollow">drafted</a> a set of 10 guiding principles for the regulation and management of digital currencies within the country.
<h3 id="span-style-font-weight-400-neighboring-countries-have-introduced-crypto-frameworks-span">Neighboring Countries have Introduced Crypto Frameworks</h3>
In addition to Taiwan, neighboring countries such as Japan, Hong Kong, and Singapore are also actively developing and refining their cryptocurrency regulatory frameworks. Hong Kong, in particular, has recently <a href="https://thecoinrise.com/hong-kong-named-as-the-most-crypto-ready-state-in-2023/" rel="noopener noreferrer nofollow">demonstrated its readiness and capability</a> to facilitate the widespread adoption of cryptocurrencies in 2023.
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/major-exchanges-in-taiwan-unite-to-advance-industrys-interests/">Major Exchanges in Taiwan Unite to Advance Industry’s Interests</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Major Exchanges in Taiwan Unite to Advance Industry’s Interests

Table of Contents

TheCoinrise Media

Other articles published on Sep 26, 2023

Join our free newsletter for daily crypto updates!