Virtual Currency Association: Key 10 Questions!
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The Virtual Currency Association was officially established on June 13th, marking the formal integration of the cryptocurrency industry into the mainstream. Taiwan is also taking the lead in self-regulation, ushering in a new era of oversight.
In the first episode of the “Association Special Program,” Winston Hsiao, the Executive Director of the Association Preparatory Committee and the inaugural Vice Chairman, and Wayne Huang, Co-founder and CEO of XREX, delve into the significance of the association’s establishment for the industry and regulation, and share their experiences and insights along the way.
In the second episode, Titan Cheng, the inaugural Chairman of the Association and founder of BitTrust Group, and Winston Hsiao, the Vice Chairman, share their respective philosophies and visions for their roles. They also personally answer the top 10 questions commonly asked by the public.
A single statement, “This is a cost that must be paid in the era of regulation,” led Winston Hsiao to publicly declare that he would not run for the position of Association Chairman, only to later be elected as the Vice Chairman, showing his continued dedication to the association.
Chairman Titan Cheng recalls feeling like a new father when he was elected Chairman, with a blank mind. He describes the establishment of the association as holding up an umbrella for industry players, providing the sense of security and peace of mind that Financial Supervisory Commission Chairman, Wellington Koo, mentioned. Regulation is meant to instill confidence and peace of mind.
After the establishment of the association, the overall landscape of the virtual currency industry in Taiwan, including upstream and downstream players, gradually became clearer. Even businesses not listed in the Anti-Money Laundering Statement list by the Financial Supervisory Commission have the opportunity to interact with the association through its various committees.
Moving from a period of unregulated growth to an era of regulation, Taiwan has chosen the path of self-regulation, with the association now beginning the process of formulating “self-regulatory norms” in preparation for future legislation. Chairman Titan Cheng likens this to a mock exam, as there are bound to be many challenges and trials ahead. The association will serve as an umbrella, shielding everyone from strong winds and heavy rain.
Summary of this episode:
The official establishment of the Virtual Currency Association! What are the visions and philosophies of the inaugural Chairman and Vice Chairman?
With the busy operation of exchanges, why does XREX also engage in public affairs?
Why are these 24 businesses the members of the association? What are the standards for joining the association?
What can the association do as a protective umbrella in the future?
For businesses not on the Anti-Money Laundering Statement list, how can they interact with the association?
From the perspective of industry players, what are the costs to be paid in the era of regulation?
Taiwan has chosen to lead with self-regulation in the era of regulation, so why is there still a need for regulatory authorities?
What are the standards for formulating “self-regulatory norms”? What contributions will they make to future legislation?
VASP regulation is divided into four stages, with the next phase transitioning from “reporting” to “registration.” Will there be a major reshuffling of the list of businesses?
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Music Source:
Music by Aden – Earth
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Earth by MusicbyAden is licensed under CC BY-SA 4.0CC
This segment is a collaboration between XREX and “WEB3+” magazine.