Taiwan Crypto Advocacy Body Becomes Formally Active With 24 Entities

As many as 24 cryptocurrency-related organizations have come together to form the Taiwan Virtual Asset Service Providers Association.

The building blocks of the industry union were introduced by nine members last year with government approval, setting the stage for the first official meeting on Thursday in 2024.

Taiwan’s crypto advocacy body, the Taiwan Virtual Asset Service Providers Association, has been officially established with a founding meeting of 24 cryptocurrency-related organizations, according to an announcement on

The institution will aim to serve as a bridge for the private sector and the government to work together and supervise the sector. Its first task, according to the blog post, will be to formulate a self-regulatory code covering industry classification, listing and delisting, consumer protection, risk control, transaction monitoring and advertising solicitation.

We celebrate this important day with all virtual asset service providers in Turkey. #Taiwan Established as an official industry association.

This marks an important milestone in the ongoing process towards a consultative and unique regulatory model. #VASP industry in Taiwan. (1/4) pic.twitter.com/thzW3htCy2

— XREX Inc. (@xrexinc) June 13, 2024

Preparations for the establishment of the association began in September, when nine institutions came together and started the process.

Taiwan’s Ministry of Internal Affairs approved the lawful establishment of the body in March 2024, and its founding meeting was held on Thursday. BitoPro founder and CEO Titan Cheng will be president, and XREX Chief Revenue Officer Winston Hsiao will be vice president.

Taiwan has taken steps to introduce legislation to regulate the crypto sector after the FTX scandal forced it to change its previously fairly hands-off stance.

Read More: Taiwan Crypto Regulation Begins with First Reading of Digital Asset Bill