Taiwan’s Crypto Community Forms Working Group to Promote Digital Currency Adoption
Taiwan’s crypto community is taking the initiative to establish a working group that aims to integrate digital currency adoption and self-compliance. The goal is to create an effective communication channel with the government and promote the development of the domestic digital asset industry.
Nine cryptocurrency exchanges in Taiwan came together in early September to form the Taiwan Virtual Asset Platform and Transaction Business Association. This association aims to create a healthy industrial environment and recruit qualified members to support the industry’s growth.
The committee held its first meeting on September 19 in Taipei, discussing ways to accelerate the formation of guidelines planned by the country’s financial regulator. Taiwan’s Financial Supervisory Commission for Virtual Currency Management recently announced that it would issue ten guiding principles for virtual asset services providers (VASPs) to establish self-regulatory rules.
The Association’s Plans
The working group, led by three major exchanges in Taiwan, aims to become an industry representative that can build consensus and negotiate externally. The association intends to establish a complete crypto industry ecosystem in Taiwan and enable Taiwanese industry players to gain recognition on the global stage.
Once established, the association will formulate self-regulatory norms based on the guiding principles set by the regulator. This will promote self-discipline within the industry and contribute to the maturation of Taiwan’s supervision of the cryptocurrency industry.
Hot Take: Taiwan Crypto Community Takes Proactive Steps Towards Regulatory Compliance
Taiwan’s crypto community is proactively forming a working group and establishing an association to promote digital currency adoption and self-compliance. By creating a smooth communication channel with the government, this initiative aims to foster a healthy industrial environment and facilitate the growth of the domestic digital asset industry.
The association plans to become an industry representative, building consensus and negotiating externally. It seeks to establish a complete crypto industry ecosystem in Taiwan and elevate Taiwanese industry players on the global cryptocurrency stage. With self-regulatory norms aligned with the regulator’s guiding principles, Taiwan’s supervision of the cryptocurrency industry is expected to mature gradually.
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