Updated on April 29, 2024: Preparation Committee for Taiwan Virtual Currency Association Established! XREX’s Winston Xiao Appointed as Chairman
After successfully applying, the Taiwan Cryptocurrency Association (Republic of China Virtual Currency Industry Association) held its first preparation meeting on April 26. During the meeting, the 36 initiators voted to elect 11 members for the preparation committee, officially forming the association’s preparation committee.
The list of committee members is as follows (in voting order):
1. Winston Xiao / ChainTech Co., Ltd.
2. Alex Liu / Modern Fortune Technology Co., Ltd.
3. Titan Cheng / Bitotek Technology Co., Ltd.
4. Zoe Peng / Hoya Digital Technology Co., Ltd.
5. David Wu / Rybit Co., Ltd.
6. Lai Chia-Hsien / Sanchuan Tokens Co., Ltd.
7. Su Chien-Ying / Crosslink Technology Co., Ltd.
8. Jeff Wen / Biyatech Co., Ltd.
9. Liu Ming-Han / Yintianxia International Management Consulting Company
10. Guo Chang-Xun / Hongzhu Digital Co., Ltd.
11. Xie Meng-Zhe / WoHeng Technology Co., Ltd. Taiwan Branch
Among the 11 preparation committee members, one chairman was elected. Through voting, Winston Xiao (ChainTech Co., Ltd., XREX) was appointed as the chairman of the preparation committee.
The committee emphasized that the list of initiators does not directly represent the membership list. All eligible businesses can apply for membership after the membership recruitment announcement. The announcement for membership recruitment is expected to be issued on May 9.
The preparation committee aims to complete the preparation phase by mid to late June and hold the first general meeting to elect the first board of directors.
Original article from March 29:
Major Milestone! Taiwan Cryptocurrency Association Group Officially Approved
After six months of effort, the Taiwan VASP Association Preparation Group announced today (March 29) that the application for the “Republic of China Virtual Currency Industry Association” has been officially approved!
The Ministry of the Interior issued a letter of approval on March 25, allowing the formation of the “Republic of China Virtual Currency Industry Association” by ChainTech Co., Ltd. (represented by initiator Winston Xiao).
This progress is significant as it signifies the recognition of the cryptocurrency industry in Taiwan as an official industry, marking a crucial step towards regulation and further development.
The classification of the cryptocurrency industry in Taiwan has always lacked a formal definition and regulation.
The Financial Supervisory Commission is expected to officially announce the “Guidelines for the Management of Virtual Asset Platforms and Trading Businesses (VASP)” in September 2023. The Ministry of Economic Affairs has also revised the standards for business associations, adding the category of “virtual currency business.” The Cryptocurrency Association Preparation Group was established in September last year (2023) and has been actively preparing for the association.
The preparation group’s work began on December 21 last year with the submission of the initiators, including the chief consultant, Cai Yu-Ling, and businesses listed in the “List of Virtual Currency Platforms and Trading Businesses Complying with Anti-Money Laundering Regulations.” The relevant documents were completed on March 12 this year.
The final list of initiators includes the collective strength of 22 VASP businesses, including MaiCoin, HOYA BIT, BitoPro, Rybit, and XREX, among others.
It is worth noting that ACE, originally included in the list, temporarily withdrew from the preparation work due to the involvement of its head in a money laundering scandal earlier this year.
After the establishment of the Taiwan VASP Association, it will formulate self-regulatory rules based on the guidelines issued by the Financial Supervisory Commission to promote industry self-discipline. Based on this foundation, it hopes to gradually mature the regulation of the cryptocurrency industry in Taiwan, involving not only cryptocurrency businesses but also key players such as traditional banks, financial technology companies, accountants, and insurance companies, becoming an important part of the ecosystem.
Within three months, the preparation work must be completed! Regular meetings will continue to be held
According to the regulations of the Ministry of the Interior’s Association Act, the VASP Association will now proceed with the “preparation stage” and “establishment stage.” The preparation committee must complete the preparation work within three months from the date of establishment, with the possibility of applying for a one-month extension in special circumstances.
After the approval of the Ministry of the Interior, the association officially enters the organizational stage. The main tasks include convening meetings for initiators and the first and subsequent preparation committee meetings, as well as announcing membership recruitment. The preparation committee should complete the preparation work within three months from the date of establishment.
To ensure the smooth progress of the preparation work, the Taiwan VASP Association Preparation Group will hold regular meetings every two weeks to maintain progress. Industry stakeholders can access relevant updates and meeting records through the following website:
https://www.twvasp-po.org.tw/
The successful establishment of this association signifies that the cryptocurrency industry in Taiwan will move towards a more regulated and orderly development path, promoting healthy competition and cooperation within the industry. This brings new opportunities and challenges for the cryptocurrency industry in Taiwan.