Taiwan Virtual Asset Service Providers Association officially established with 24 entities

In a big step toward self-regulation of Taiwan’s cryptocurrency industry, the Taiwan Virtual Asset Service Provider Association has been officially established, with an inaugural meeting held on Thursday, paving the way for its role as a bridge between the private sector and government oversight. in the crypto space.

This initiative, approved by the Ministry of the Interior of Taiwan and confirmed by a blog post by blockchain company XREX, marks a significant step towards formalizing the crypto landscape in the country.

The association brings together 24 cryptocurrency-related entities, representing various crypto-related businesses, including exchanges, peer-to-peer trading platforms and wallet hosting companies, marking a crucial step towards self-regulation and industrial collaboration.

Key Objectives and Responsibilities

The main mission of the Taiwan Virtual Asset Service Provider Association is to foster cooperation between industry players and regulatory bodies.

The association will develop a comprehensive self-regulatory code covering critical aspects of the crypto industry. These include industry classification, listing and delisting procedures, consumer protection measures, risk management, transaction monitoring and advertising guidelines.

By acting as a liaison between the private sector and government, the Association seeks to strengthen oversight of the industry. Its collaborative approach aims to strike a balance between innovation and investor protection.

Additionally, the Association is responsible for developing guidelines consistent with international standards, focusing on areas such as anti-money laundering (AML) measures, security protocols and investor protection. The organization will also serve as a bridge between the crypto industry and government regulators, advocating for policies that support innovation while protecting against illicit activity.

Leadership and vision

• President: Titan Cheng, founder and CEO of BitoPro, will lead TVASPA. His experience in the crypto industry positions him well to guide the association’s efforts.
• Vice-president: Winston Hsiao, Chief Revenue Officer at XREX, will help Cheng guide TVASPA towards its goals.

The foundations of the Virtual Asset Service Provider Association were laid by nine founding members the previous year, with government approval in 2024. The establishment of the association coincides with the ongoing proactive efforts of the Financial Supervisory Commission ( FSC) of Taiwan to establish guidelines to protect and protect customers. industry oversight. These guidelines, published in September 2023, highlight the need for enhanced customer protection measures and lay the foundation for industry self-regulation.

FSC Securities Company Division Director Hsiho Huang said at the kick-off meeting on Thursday:

“The FSC attaches great importance to the development of the virtual assets sector. We believe that the healthy development of this industry is closely related to the development of society and economy.

Taiwan’s crypto landscape has evolved significantly. Previously taking a hands-off approach, the government now recognizes the need for regulation. THE FTX scandal brought about change, leading to the introduction of legislation to protect investors and promote responsible industry practices.

XREX Inc., a blockchain company, celebrated the establishment of the association, highlighting its importance in developing a unique advisory and regulatory model for Taiwan’s virtual asset service providers. The crypto community looks forward to the Association’s initiatives and anticipates positive impacts on the industry.

The establishment of the Taiwan Virtual Asset Service Provider Association represents a pivotal moment for the country’s crypto ecosystem. Founded on collaboration, TVASPA aims to promote responsible growth while ensuring investor confidence in this dynamic sector.

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