First Virtual Crypto Association Founding Members List

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The Taiwan Virtual Assets Business Association (officially the Chinese Republic Virtual Currency Business Trade Association) was formally established on June 13, 2024. A total of 24 virtual asset service providers that have completed the Anti-Money Laundering (AML) compliance declaration with Taiwan’s Financial Supervisory Commission (FSC) became founding members of the association. This milestone marks a significant step toward a more regulated, transparent, and secure digital asset ecosystem in Taiwan.

The founding members are categorized into three classes—A, B, and C—based on the scope of their business operations, and further divided into two tiers—Level A and Level B—depending on company capital and headcount. These classifications align with the “Regulations on Anti-Money Laundering and Counter-Terrorist Financing for Virtual Currency Platforms and Trading Businesses” issued by the FSC.

Membership Classification Framework

According to Article 11 of the association’s bylaws, membership categories are determined by involvement in any of the following five core business activities:

  1. Exchanging virtual currencies with New Taiwan Dollars (NTD), foreign currencies, or currencies issued in mainland China, Hong Kong, or Macao.
  2. Exchanging one virtual currency for another.
  3. Facilitating the transfer of virtual currencies.
  4. Safeguarding, managing virtual currencies, or providing related management tools.
  5. Participating in or offering financial services related to the issuance or sale of virtual currencies.

Entities engaged in activities 1–5 or 2–5 are classified as Class A. Those involved in any two of activities 1–3 fall under Class B. Entities focused solely on activities 3 and 4—or those not fitting into the first two categories—are designated Class C.

Tier classification (Level A or B) depends on either:

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Founding Members by Category

Class A – Full-Service Platforms

These are comprehensive virtual asset service providers offering multiple regulated services.

A-Class Level A Members

A-Class Level B Members

Class B – Exchange & Transfer Focused

These firms primarily facilitate exchanges between fiat and crypto or between digital assets.

B-Class Level A Members

B-Class Level B Members

Class C – Custody & Transfer Specialists

Focused on secure custody and transaction facilitation.

C-Class Level B Member

(No C-Class Level A members at launch)

Why This Matters for Crypto in Taiwan

The formation of this industry association signals a maturing regulatory environment where security, compliance, and user protection are top priorities. As global regulators tighten oversight, Taiwan’s proactive stance positions it as a model for responsible innovation in digital finance.

Founding members like XREX have emphasized ongoing compliance efforts, including submitting full AML registration to the FSC by March 31, 2025. This alignment with regulatory standards ensures that user assets are protected while fostering trust among institutional and retail investors.

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Frequently Asked Questions (FAQ)

What is the purpose of the Taiwan Virtual Assets Business Association?

The association aims to promote self-regulation, enhance industry standards, support regulatory compliance, and advocate for sustainable growth within Taiwan’s digital asset sector.

How does membership classification affect users?

Higher-tier members typically demonstrate greater financial stability and operational scale, which can translate into stronger security measures, better customer support, and more robust trading infrastructure.

Are all listed companies licensed crypto exchanges?

While all members have completed the FSC’s AML compliance declaration, formal licensing frameworks are still evolving. Compliance with AML rules is a critical first step toward full regulatory recognition.

Can foreign users access these platforms?

Many platforms serve international clients, but access depends on local regulations and Know Your Customer (KYC) requirements. Some services may be restricted to Taiwanese residents.

What does “AML compliance declaration” mean?

It means the company has formally reported its anti-money laundering policies and procedures to the FSC, demonstrating adherence to national financial integrity standards.

Is my crypto safe with these providers?

Safety depends on multiple factors including custody solutions, insurance coverage, audit transparency, and internal controls. Users should research each platform’s security practices before depositing funds.

The Road Ahead: Compliance as a Competitive Advantage

As of mid-2025, Taiwan’s crypto landscape is undergoing dynamic changes driven by both regulation and market demand. Platforms like XREX are adjusting product offerings—such as modifying withdrawal processes and introducing zero-fee NTD trading—to remain competitive while strengthening compliance.

These shifts reflect a broader trend: compliance is no longer optional—it’s a foundation for trust and scalability. Users increasingly expect platforms to prioritize security and regulatory alignment, especially after high-profile industry failures worldwide.

With institutional interest rising—evidenced by spot Bitcoin ETFs in the U.S. and major tech firms exploring stablecoins—retail investors in Taiwan now have more accessible, compliant pathways to participate in the digital economy.

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Core Keywords

Virtual assets Taiwan, crypto association members, FSC AML compliance, regulated crypto exchange, digital currency regulation, XREX exchange, Taiwan crypto policy, secure cryptocurrency platform

The emergence of a unified industry body underscores a pivotal shift—from decentralized experimentation to structured, responsible innovation. For users, this means safer transactions, clearer standards, and greater confidence in the future of digital finance in Taiwan.