Updated: April 29, 2024 – Taiwan Virtual Currency Association Prepares for Establishment! XREX’s Winston Hsiao Appointed as Chairman
After successfully completing the application process, the Taiwan Crypto Association (Republic of China Virtual Currency Business Association) held its first preparatory meeting on April 26. During the meeting, the 36 initiators voted to elect 11 preparatory committee members, officially forming the association’s preparatory committee.
The list of committee members is as follows (in voting order):
Winston Hsiao / ChainTech Co., Ltd.
Alex Liu / Modern Wealth Technology Co., Ltd.
Titan Cheng / BitOcean Technology Co., Ltd.
Zoe Peng / Hoya Digital Technology Co., Ltd.
David Wu / Rybit Co., Ltd.
Lai Jia-Xian / SanChuan Token Co., Ltd.
Su Jian-Ying / Interchain Technology Co., Ltd.
Jeff Wen / Biyate Technology Co., Ltd.
Liu Ming-Han / YinTianXia International Management Consultants Co., Ltd.
Guo Chang-Xun / Hong Zhu Digital Co., Ltd.
Xie Meng-Zhe / WoHeng Technology Limited Taiwan Branch, British Virgin Islands
Among the 11 preparatory committee members, one chairman was elected. Winston Hsiao (ChainTech Co., Ltd., XREX) was appointed as the chairman through voting.
The preparatory committee clarified that the list of initiators does not directly represent the membership list. All eligible industry players can apply for membership after the announcement for member recruitment, which is expected to be issued on May 9.
The preparatory committee aims to complete the preparatory phase by mid-to-late June and hold the first general assembly to elect the first board of directors.
Original article on March 29:
Major Milestone! Taiwan Crypto Association’s Group Application Officially Approved
After six months of effort, the Taiwan VASP Association Preparatory Group announced today (March 29) that the “Republic of China Virtual Currency Business Association” application has been formally approved!
The Ministry of the Interior issued a letter of approval on March 25, allowing ChainTech Co., Ltd. (represented by initiator Winston Hsiao) to organize the “Republic of China Virtual Currency Business Association”.
This development is significant as it signifies the recognition of Taiwan’s virtual currency industry by the government, marking a crucial step towards increased regulation and development.
The classification of the virtual currency industry in Taiwan has always lacked an official definition and regulations.
The Financial Supervisory Commission is expected to officially announce the “Guidelines for Managing Virtual Asset Platform and Transaction Businesses” in September 2023. The Ministry of Economic Affairs has also revised the standards for commercial associations, adding the category of “virtual currency business”. The Crypto Association Preparatory Group was established in September last year (2023) and has been actively preparing for the association.
The preparatory work of the group began on December 21 last year with the submission of the initiators’ documents, led by Chief Advisor Cai Yu-Ling, and the completion of relevant documents on March 12 this year.
The final list of initiators brings together the strength of 22 VASP operators, including MaiCoin, HOYA BIT, BitoPro, Rybit, and XREX.
It is worth noting that ACE, originally on the list, temporarily withdrew from the preparatory work due to the involvement of its leader in a money laundering scandal earlier this year.
After the establishment of the Taiwan VASP Association, it will develop self-regulatory rules based on the guidelines issued by the Financial Supervisory Commission to promote industry self-regulation. With this as a foundation, it is expected that Taiwan’s regulation of the cryptocurrency industry will gradually mature, involving not only virtual currency operators but also key players such as traditional banks, fintech companies, accountants, and insurance companies, becoming an important part of the ecosystem.
Within three months, the preparatory work needs to be completed! Regular meetings will continue to be held.
According to the regulations of the Ministry of the Interior’s Civil Associations Act, the VASP Association will now proceed with the “preparatory phase” and “establishment phase” work. The preparatory committee must complete the preparatory work within three months from the date of establishment, with the possibility of applying for a one-month extension under special circumstances.
After approval by the Ministry of the Interior, the association officially enters the organizing phase. The main tasks include convening the initiators and the first and subsequent preparatory meetings, and announcing the recruitment of members. The preparatory committee should complete the preparatory work within three months from the date of establishment.
To ensure the smooth progress of the preparatory work, the Taiwan VASP Association Preparatory Group will continue to hold regular meetings every two weeks to maintain progress. Industry stakeholders can obtain relevant updates and meeting records through the following website: https://www.twvasp-po.org.tw/
The successful establishment of the association signifies that Taiwan’s virtual currency industry will move towards a more regulated and orderly development path, promoting healthy competition and cooperation in the industry, bringing new opportunities and challenges to Taiwan’s virtual currency industry.