The Virtual Currency Association of Taiwan Officially Established Introduction of the First Board of Directors and Whats the Next Milestone

The Virtual Currency Association of the Republic of China (VCAROC) was officially established today, with the election of the first board of directors. Zheng Guangtai, the co-founder and CEO of BitoPro, was elected as the first chairman of the association, while Xiao Huizong, the co-founder and Chief Revenue Officer of XREX, was elected as the first vice chairman. This marks an important milestone in the development of the cryptocurrency industry in Taiwan.


The Financial Supervisory Commission (FSC) officially announced the “Guidelines for the Regulation of Virtual Asset Service Providers (VASPs)” in September 2023. The Ministry of Economic Affairs also revised the classification standards for business associations, adding the category of “virtual currency businesses,” indicating Taiwan’s increasing attention to the regulation of the cryptocurrency industry.
According to the FSC’s schedule for the regulation of the cryptocurrency industry, the four stages include the registration of VASPs, the establishment of associations and self-regulatory rules, differentiated management and legal reinforcement, and the enactment of special legislation.
Now, Taiwan has officially entered the second stage.
The focus of the second stage is to promote the establishment of the VCAROC and formulate self-regulatory rules based on the guidelines set by the FSC. The association has now been officially established, and the first board of directors has been elected. The association will now begin discussions on self-regulatory rules.
First Board of Directors of the Virtual Currency Association:
Chairman:
Zheng Guangtai, BitoPro Co-founder and CEO
Vice Chairman:
Xiao Huizong, XREX Co-founder and Chief Revenue Officer
Executive Directors:
Wu Dewei, Binance Co., Ltd. Director
Directors:
Wang Shijie, Pioneer Digital Technology Co., Ltd. CEO
Li Dongyue, Xiahe Co., Ltd. CEO
Li Guorong, Coin Era Technology Co., Ltd. CEO
Guo Changxun, Hongzhu Digital Co., Ltd. General Manager
Chen Jianming, Yilufa Co., Ltd. Company Representative
Huang Guansheng, Yin Tianxia International Management Consulting Co., Ltd. Company Manager
Liu Shiwei, Modern Wealth Technology Co., Ltd. Founder and CEO
Su Jianying, Crosslink Technology Co., Ltd. CEO
Alternate Directors:
Yang Shuhui, Taiwan Zhi Jing Co., Ltd. COO
Executive Supervisors:
Peng Yunxian, He Ya Digital Technology Co., Ltd. Founder and CEO
Supervisors:
He Kuanyan, Yang Jia Co., Ltd. Operations Manager
Su Xiuping, Sangfeisite Co., Ltd. Representative
Alternate Supervisors:
Xie Mengzhe, Woheng Technology Co., Ltd. Chairman
Further Reading:
FSC Announces Schedule for “Cryptocurrency Act”! How will Overseas Operators be Regulated? Understanding the Four Stages of Regulation at Once
What are the Future Goals of the Virtual Currency Association?
The Virtual Currency Association is a “regulatory-oriented” association established based on the FSC’s “Guidelines for the Regulation of Virtual Asset Service Providers (VASPs).” It serves as the only direct communication channel between the industry and the government.
The association’s primary task after its establishment is to formulate “self-regulatory rules” and implement a classification and categorization management system for operators, creating an industry chain and ecosystem that takes care of the operators’ interests and meets the government’s expectations while protecting consumer rights. The Virtual Currency Association is highly confident in achieving this goal and will prove the feasibility and conformity to social expectations of self-regulation through tangible results.
At the preparatory stage, the Virtual Currency Association has already begun work on anti-fraud, anti-money laundering, and joint defense mechanisms with the Ministry of Justice and various other agencies. It will continue to contribute to the industry by assisting in law enforcement with industry technology, significantly reducing industry risks and negative incidents, eliminating the industry’s stigma, and establishing a clean, secure, and sustainable industry environment. To achieve this goal, the formulation and implementation of “self-regulatory rules” will be the solid foundation.


Former Executive Yuan Deputy Minister and current Honorary Director of the Taiwan FinTech Association, Cai Yuling, has been guiding and supporting the establishment of the association and serving as its general advisor since September last year.
Cai Yuling stated that there were many doubts and criticisms from the public during the establishment of the association, but with the opportunity for self-regulation provided by the regulatory authorities, operators should cherish this goodwill and unite instead of blaming each other, setting an example for an innovative regulatory approach.
Huang Xihe, the head of the Securities and Futures Bureau of the FSC, also emphasized in his speech that the FSC attaches great importance to the development of the virtual asset industry. The establishment of the association will bring more cooperation and consensus to the industry, promote compliance, standardization, and healthy development, ensure the safety, transparency, and stability of the industry, and enhance consumer protection.
He also emphasized that in the future, the FSC will strengthen cooperation with the Virtual Currency Association to enhance customer rights protection, improve the industry’s reputation and image, and promote the sound development of the industry.