A significant development in Taiwan’s cryptocurrency landscape, 24 cryptocurrency-related entities have united to form the Taiwan Virtual Asset Service Provider Association (TVASPA). This body aims to act as a bridge between the private sector and the government, enhancing oversight and fostering industry growth.
Formation and Purpose
The foundation of the association began with nine members last year. With government approval in March 2024, the stage was set for the first formal meeting, which took place on Thursday. The TVASPA’s creation was announced on social media platform X and in a blog post by the XREX blockchain firm.
The association’s primary goal is to facilitate collaboration between the private sector and the government in supervising the cryptocurrency industry. Its initial task is to develop a self-regulation code, addressing key areas such as:
- Industry classification
- Listing and delisting procedures
- Consumer protection
- Risk control
- Transaction monitoring
- Advertising solicitation
Leadership and Structure
BitoPro founder and CEO Titan Cheng has been appointed as the chair of the TVASPA, while XREX Chief Revenue Officer Winston Hsiao will serve as vice chair. Their leadership aims to guide the association in establishing a robust regulatory framework for Taiwan’s crypto sector.
Regulatory Background
The formation of the TVASPA follows Taiwan’s steps to introduce legislation regulating the cryptocurrency sector. This shift was prompted by the FTX scandal, which highlighted the need for more stringent oversight. Previously, Taiwan had maintained a relatively hands-off approach to cryptocurrency regulation.
Also Read: Taiwan Proposes Stringent AML Regulations for Crypto Firms
Goals and Future Outlook
The TVASPA aims to enhance the integrity and stability of the cryptocurrency market in Taiwan. By creating a comprehensive self-regulation code, the association hopes to mitigate risks and protect consumers, fostering a secure and transparent environment for digital asset transactions.
The establishment of the Taiwan Virtual Asset Service Provider Association marks a pivotal step in the country’s approach to cryptocurrency regulation. By bridging the gap between the private sector and the government, the TVASPA is poised to play a crucial role in shaping the future of Taiwan’s crypto industry. As it undertakes the development of a self-regulation code and other initiatives, the association is expected to significantly contribute to the growth and stability of the sector.
