Taiwan Virtual Currency Association Officially Established First Board of Directors and Supervisors List Announced What is the Next Step

Formation of Virtual Currency Association!
The “Republic of China Virtual Currency Business Association” was officially established on the 13th and the first list of directors was elected. BitoPro Co-founder and CEO, Zheng Guangtai, was elected as the first chairman of the association, while XREX Co-founder and Group Revenue Officer, Xiao Huizong, was elected as the first vice chairman. This marks an important milestone in the development of Taiwan’s cryptocurrency industry.


In September 2023, the Financial Supervisory Commission officially announced the “Guidelines for the Management of Virtual Asset Platform and Trading Business (VASP)”. The Ministry of Economic Affairs also revised the standards for business associations, adding a new category called “Virtual Currency Business”. This signifies Taiwan’s official recognition of the regulatory issues surrounding the cryptocurrency industry.
According to the schedule for regulating the cryptocurrency industry released by the Financial Supervisory Commission, the first to fourth stages are respectively the registration of VASP operators, the establishment of associations and self-regulatory measures, differentiated management and legal strengthening, and the formulation of special laws.
And now, Taiwan has finally entered the second stage.
The focus of the second stage is to promote the establishment of the VASP Association and formulate industry self-regulatory measures based on the guidelines set by the Financial Supervisory Commission. The association has now been officially established, and the first list of directors has been elected. The association will now begin discussions on self-regulatory measures in a proactive manner.
First list of virtual currency association directors:
Chairman:
Zheng Guangtai, BitoPro Co-founder and CEO
Vice Chairman:
Xiao Huizong, XREX Co-founder and Group 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, Bito World Technology Co., Ltd., CEO
Guo Changxun, Hung Chu Digital Co., Ltd., General Manager
Chen Jianming, Yilufa Co., Ltd., Company Representative
Huang Guansheng, Yin Tianxia International Management Consultants Co., Ltd., Company Owner
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., Operations Director
Executive Supervisors:
Peng Yunxian, Hoya Digital Technology Co., Ltd., Founder and CEO
Supervisors:
He Kuanyan, Yangjia Co., Ltd., Operations Manager
Su Xiuping, Sunfest Co., Ltd., Representative
Alternate Supervisors:
Xie Mengzhe, Wo Heng Technology Co., Ltd., Taiwan Branch, Chairman
Further reading:
Financial Supervisory Commission announces schedule for “Cryptocurrency Act”! How will overseas operators be regulated? Understand 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 in accordance with the Financial Supervisory Commission’s “Guidelines for the Management of Virtual Asset Platform and Trading Business (VASP)”. It serves as the industry’s direct communication channel with the government.
The primary task after establishment is to formulate “self-regulatory measures” and implement proper classification and management of operators, building an upstream and downstream industry chain and ecosystem. While taking care of the interests of operators and industry development, it also meets government expectations and protects consumer rights. The Virtual Currency Association has great confidence in this regard and will prove the feasibility and social expectations of self-regulation through concrete achievements.
At the preparatory stage, the Virtual Currency Association has already collaborated with the Ministry of Justice and multiple units to establish mechanisms against fraud, money laundering, and joint defense. This work will continue, contributing industry technology to assist law enforcement, significantly reducing industry risks and negative incidents, removing the stigma associated with the industry, and establishing a clean, safe, and sustainable industry environment. To achieve this goal, the formulation and implementation of “self-regulatory measures” will be the solid foundation.


Former Executive Yuan Minister without Portfolio and current Honorary Director of the Taiwan FinTech Association, Cai Yuling, has been guiding and supporting operators in the establishment of the association as the chief advisor since September last year.
Cai Yuling stated that during the establishment of the association, there were many doubts from the public. However, given the opportunity for self-regulation by the regulatory authorities, operators must cherish the goodwill of the authorities, unite rather than blame each other, and set an example for innovative regulatory methods.
Huang Xihe, Securities Brokerage Division of the Financial Supervisory Commission’s Securities and Futures Bureau, also mentioned in his speech that the Financial Supervisory Commission 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, promoting compliance, standardization, and healthy development of the industry to ensure safety, transparency, and stability in the industry, enhancing the protection of consumer rights.
At the same time, he emphasized that the Financial Supervisory Commission will strengthen cooperation with the Virtual Currency Association in the future, working together to enhance customer rights protection, improve the industry’s reputation and image, and promote the sound development of the industry.