Updated on April 29, 2024: Preparatory Committee for the Taiwan Cryptocurrency Association Established! XREX’s Winston Xiao Appointed as Chairman
After successfully completing the application process, the Taiwan Cryptocurrency Association (Republic of China Virtual Currency Commercial Association) held its first preparatory committee meeting on April 26. During the meeting, the 36 initiators voted to elect 11 preparatory committee members, officially forming the association’s preparatory committee.
Here is the list of preparatory committee members (in order of voting):
1. Winston Xiao / Chain Technology Co., Ltd.
2. Alex Liu / Modern Wealth Technology Co., Ltd.
3. Titan Cheng / Bitotek Technology Co., Ltd.
4. Zoe Peng / HeYa Digital Technology Co., Ltd.
5. David Wu / Coinbin Co., Ltd.
6. Lai Jia-Xian / Sanchuan Token Co., Ltd.
7. Su Jian-Ying / Crosslink Technology Co., Ltd.
8. Jeff Wen / Biyate Technology Co., Ltd.
9. Liu Ming-Han / Yin Tianxia International Management Consulting Co., Ltd.
10. Guo Chang-Xun / Hongzhu Digital Co., Ltd.
11. Xie Meng-Zhe / WoHeng Technology Limited Taiwan Branch
Among the 11 preparatory committee members, one chairman was elected. After the vote, Winston Xiao (Chain Technology Co., Ltd., XREX) was appointed as the chairman of the preparatory committee.
The preparatory committee clarified that the initiators’ list 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 preparatory committee aims to complete the preparatory stage by mid to late June and hold the first general meeting to elect the first board of directors.
Original article on March 29:
Major Milestone! Taiwan Cryptocurrency Association Preparatory Group Officially Approved
After six months of effort, the Taiwan VASP Association Preparatory Group announced today (March 29) that the “Republic of China Virtual Currency Commercial Association” application has been officially approved!
The Ministry of the Interior issued a letter of approval on March 25, allowing Chain Technology Co., Ltd. (represented by initiator Winston Xiao) to establish the “Republic of China Virtual Currency Commercial Association.”
This progress is significant as it signifies the recognition of the cryptocurrency industry in Taiwan as an official sector, marking a crucial step towards regulation and development.
The classification of the cryptocurrency industry in Taiwan has long been undefined and unregulated. The Financial Supervisory Commission is expected to officially announce the “Guidelines for Managing Virtual Asset Platform and Trading Business (VASP)” in September 2023. The Ministry of Economic Affairs has also revised the Business Group Industry Standards to include the category of “virtual currency business.” The preparatory group for the Cryptocurrency Association was established in September 2023 and began preparations in earnest.
The preparatory group’s work started on December 21, with Chief Advisor Cai Yu-Ling and initiators from businesses listed in the “Declaration of Compliance with Anti-Money Laundering Laws and Regulations by Virtual Currency Platforms and Trading Businesses” submitting the application. The necessary documents were completed on March 12 this year.
The final list of initiators includes the strengths of 22 VASP businesses, including MaiCoin, HOYA BIT, BitoPro, Rybit, and XREX.
It is worth noting that ACE, a prominent exchange originally on the list, temporarily withdrew from the preparatory work due to its owner’s involvement in a money laundering scandal earlier this year.
After the establishment of the Taiwan VASP Association, it will formulate self-disciplinary regulations based on the guidelines issued by the Financial Supervisory Commission to promote self-discipline within the industry. Based on this foundation, Taiwan’s regulation of the cryptocurrency industry is expected to gradually mature and involve key players such as traditional banks, financial technology, accountants, and insurance companies, becoming an essential part of the ecosystem.
Within the regulatory framework of the Ministry of the Interior’s regulations for people’s groups, the VASP Association will proceed with the “preparatory stage” and the “establishment stage.” The preparatory committee must complete the preparatory work within three months from the date of establishment, with an option to apply for a one-month extension in special circumstances.
After the approval by the Ministry of the Interior, the association officially enters the organization phase. The main tasks include convening initiator and subsequent preparatory committee meetings, and announcing membership recruitment. The preparatory committee is expected to complete the preparatory work within three months from the date of establishment.
To ensure the smooth progress of the preparatory work, the Taiwan VASP Association Preparatory Group will continue to hold regular meetings every two weeks to maintain progress. Industry stakeholders can access relevant progress and meeting records through the following website: https://www.twvasp-po.org.tw/
The successful establishment of the association signifies that Taiwan’s cryptocurrency industry will move towards a more regulated and orderly development path, promoting healthy competition and cooperation within the industry. This opens up new opportunities and challenges for the cryptocurrency industry in Taiwan.
