According to Coincu, nine major Taiwanese cryptocurrency companies are forming a self-regulatory association called the Taiwan VASP Association. The association will base its rules on government guidelines to enhance industry discipline. This initiative precedes official regulatory guidelines, signaling progress in Taiwan's crypto sector. The companies involved include BitstreetX, ACE, HOYA BIT, BitoPro, and XREX, among others.
The primary objective of the Taiwan VASP Association will be to devise self-regulatory standards in alignment with the guiding principles set forth by the Financial Supervisory Commission (FSC). These self-imposed rules are intended to promote greater discipline within the cryptocurrency industry. The association also aims to incorporate key players from traditional banks, financial technology sectors, accountants, and insurance industries into the cryptocurrency ecosystem.
The FSC is expected to release its 'Guiding Principles for the Management of Virtual Asset Platforms and Trading Businesses' by the end of the month. The establishment of an industry association is seen as a proactive measure by cryptocurrency firms to align their self-regulatory guidelines with the forthcoming regulatory framework, fostering a more mature and accountable cryptocurrency industry in Taiwan.
