November 28, 2023
We are thrilled to share that our co-founder Jaclyn Tsai recently participated in the recording of XREX’s feature podcast program titled “Taiwan Virtual Asset Service Provider (VASP) Regulatory Landscape.” In the podcast, Jaclyn shared her journey of founding the VASP Association, from the initial exploration stage to its recent establishment over the last three years. Jaclyn has long been actively involved in advocating blockchain and crypto-related policies, and she believes now is the most opportune time for the establishment of the Association, given that the industry has sufficiently matured for effective policy formulation.
Jaclyn believes that the license regime is unsuitable for use in regulating the virtual asset industry; instead, a self-governance entity is the most appropriate solution for oversight. She further pointed out how the essence of the fintech industry, including virtual assets, is their borderless nature, which is also a core principle of blockchains. The industry must expand internationally instead of being confined to Taiwan, and the VASP Association also envisions a more friendly and innovative environment that will attract more talent and capital to Taiwan.
In addition, Jaclyn emphasized that the VASP Association is a regulatory entity that was established at the government’s request. All companies wishing to engage in the relevant businesses must make the anti-money laundering declarations and join the Association to abide by its regulations. The Association’s rules are also crafted in accordance with the government’s guidelines and subject to government agency approval.
When discussing recommendations for the Association, Jaclyn proposed two key points:
1) The industry must gradually establish a complete ecosystem to enhance competitiveness on the international stage.
2) The Association still needs an independent regulatory body to review the qualifications of prospective members and resolve noncompliance issues.
In conclusion, Jaclyn shared the potential challenges and expectations of the Association. Despite the prolonged integration and communication processes and the significant challenges for industry players, she hopes that the VASP association can become a trustworthy self-regulatory organization, where each member performs their roles in a rational manner to make VASP a unified collective and propelling Taiwan onto the international stage.
– Listen to the full podcast: https://podcasts.apple.com/tw/podcast/web3-%E5%A4%A7%E8%A5%BF%E9%80%B2/id1663696379?i=1000636586267
– Watch on YouTube: https://www.youtube.com/watch?v=DF6yhB6oyqw