Taiwan’s virtual asset industry association has adopted a new name as the market moves closer to a dedicated legal framework. On July 24, the group announced that the Chinese National Virtual Currency Commercial Association had been renamed the Chinese National Virtual Asset Service Commercial Association, now referred to as the VASP Association, aligning its identity with the draft Virtual Asset Service Act promoted by the Financial Supervisory Commission.
The association said the change was approved at its first-term third general meeting on March 20, year 115, and was formally announced on July 24. The renaming reflects a broader shift in Taiwan’s regulatory approach, where the industry is being defined under the unified category of virtual asset service providers, or VASPs.
Three committees target token review, discipline, and compliance
Alongside the name change, the VASP Association created three dedicated committees. The first is a listing and delisting review committee focused on token admission and removal standards. The second is a disciplinary committee intended to strengthen internal self-regulation and market discipline. The third is a financial fraud prevention, anti-money laundering, and compliance committee, tasked with improving anti-fraud coordination and enforcing AML-related requirements.
The structure shows where the group wants to place its attention: token governance, member discipline, and fraud prevention. Those are also the areas under the closest public and regulatory scrutiny.
Industry group asks for a transition period under the new law
As discussion around the Virtual Asset Service Act continues, the association put forward three requests to regulators. It said firms will need time and resources for system builds, staff training, and compliance preparation, and called for a reasonable transition period with supporting measures. It also asked the government to provide compliance guidance, noting that many operators in Taiwan are small and mid-sized businesses. A third request focused on flexibility, with the association urging lawmakers to leave room for future adjustments while taking reference from regulatory updates in Europe, the US, Japan, and South Korea.
Chair names Travel Rule and cross-sector coordination as priorities
Association chair Cheng Kuang-tai said this year’s priorities include continued communication with regulators on sub-rules under the dedicated law, helping local firms implement Travel Rule requirements, and building a local database while strengthening cross-sector coordination to improve anti-fraud efficiency.
Cheng said the key issue under the future legal framework will be how to balance compliance demands with industry innovation. Vice chair Han Kun-chu said VASP represents the next paradigm shift for the financial sector, while chief adviser Tsai Yu-ling said the association will keep serving as a bridge between the industry and the government.