Nine cryptocurrency exchanges in Taiwan plan to establish a VASP association to promote self-discipline in the industry

Odaily Planet Daily reported that Taiwan's "Financial Supervisory Commission" is expected to officially announce the "Guiding Principles for the Management of Virtual Asset Platforms and Transaction Business Enterprises (VASP)" in September. The "Ministry of Economic Affairs" also revised the business group separation standards last month, adding a new For the “Virtual Currency Business” category, it is expected that virtual currency operators will be able to apply to form an association in mid-October. Nine cryptocurrency exchanges in Taiwan took the lead in establishing the Taiwan Virtual Asset Platform and Transaction Business Enterprise (VASP) Association Preparatory Group (hereinafter collectively referred to as the Taiwan VASP Association Preparatory Group) in early September. They have jointly invested resources and manpower in the early stage and look forward to establishing the association as soon as possible. , effectively integrate virtual currency operators and self-compliance, and establish effective and smooth communication channels with the government. After the Taiwan VASP Association is established, it will formulate self-regulatory norms based on the guiding principles promulgated by the Financial Supervisory Commission to promote self-discipline in the industry. Based on this, it is expected that Taiwan's supervision of the cryptocurrency industry will gradually mature.