Nine Crypto Firms in Taiwan Form Working Committee to Foster Regulatory Push

cryptonews.com:

Taiwan’s crypto community is coming forward to establish a working group in mid-October to “effectively integrate” digital currency adoption and self-compliance, in a move to “establish an effective and smooth communication channel with the government.”

According to a press release, nine cryptocurrency exchanges in Taiwan formed the association in early September.

The group aims to “promote the development of the domestic digital asset industry, create a good and healthy industrial environment, and recruit qualified members to facilitate the continued expansion and vigorous development of the industry,” the association wrote.

The committee dubbed the Taiwan Virtual Asset Platform and Transaction Business Association, had their first meeting in Taipei on Sept. 19, discussing ways to accelerate the formation of the said guidelines planned by the country’s financial regulator.

Early this month, Taiwan's Financial Supervisory Commission for Virtual Currency Management, the country’s crypto regulator, said that it would issue ten guiding principles for virtual asset services providers (VASPs) to establish self-regulatory rules.

The regulator will officially introduce its “Guiding Principles for the VASPs,” it added. The formation of a crypto committee comes ahead of FCA’s proposed guidelines, which would take effect by this month.

The working group comprises of nine crypto exchanges including MaiCoin, BitoGroup, Ace Digital, Rybit and BitstreetX, among others.

“The establishment of the association will be an important milestone in starting communication with all parties, and the MaiCoin Group will continue to work with its peers to promote the mainstreaming of virtual assets in a spirit of living up to the expectations of