Preparatory Committee of Taiwan VASP Association: ACE Incumbent Temporarily Steps Back from Preparatory Work, Members to Focus on IEO and Other Industry Standards
The preparatory group of the Taiwan Virtual Asset Service Providers (VASP) Association has encountered continuous troubles during its preparation period. After the involvement of BITGIN in the “88 House” money laundering case, the former head of ACE, Pan Yizhang, was once again exposed for his involvement in a fraud case related to the 2019 Initial Exchange Offering (IEO). The preparatory group responded to this issue on January 5th.
(MOCT Coin counterattacks ACE Exchange! Police seized over 100 million NTD in cash from Lin’s residence)
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ACE has no current employees involved, and the former head did not participate in the preparatory group’s affairs.
The current head of ACE is willing to temporarily withdraw from the preparatory work.
Preparatory group: Awaiting investigation results.
Preparatory group: Highlighting the importance of industry standards, no longer allowing operators to fumble in the dark.
On January 4th, the preparatory group of the VASP Association held an emergency meeting due to the suspected involvement of the listed coins by the members of the preparatory group in a fraud case. According to ACE’s explanation to the preparatory group, its current employees have been assisting the prosecutor’s investigation as witnesses. The person responsible for the case has been changed to Wang Chenhuan, the director of Jianye Law Firm, who currently holds 100% of the shares and is registered with the competent authority.
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The preparatory group also stated that since September of last year, the current head, Wang Chenhuan, has been participating in the preparatory group, and not the individuals involved in this case.
Although the individuals involved in the case are former executives, Wang Chenhuan, the current head of ACE, still expressed apologies for the impact on the preparatory group and voluntarily withdrew from the preparatory work temporarily to avoid controversy.
The preparatory group stated, “Based on the principles of non-disclosure of investigations and the presumption of innocence, the preparatory group fully respects the legal procedures of the judicial authorities and the legal rights of the relevant parties involved in the investigation. We also respect the explanations given by the members of the preparatory group involved in the investigation and await the final determination by the district prosecutor’s office or the court.”
Highlighting the importance of industry standards, no longer allowing operators to fumble in the dark
The preparatory group emphasized that according to the fourth guideline of the Financial Supervisory Commission, operators are required to establish a proper review mechanism and retain written records when listing or delisting virtual assets. In addition to reviewing the white paper, they should also review compliance with laws and regulations, the liquidity and price manipulation of virtual assets, the issuer’s sustainability, and the appropriateness of advertising content and business solicitations, to prevent improper, false, fraudulent, misleading, or other deceptive actions.
This incident highlights the importance of pre-sale underwriting, Initial Exchange Offering (IEO), and the review mechanism for listing and delisting, as well as the importance of controlling business solicitation and advertising content.
The preparatory group stated that after the establishment of the association, discussions on self-regulatory standards will be initiated as soon as possible, in order to provide industry standards for operators so that they no longer have to explore in the dark and prevent similar controversies from occurring again.
ACE
VASP
Taiwan
Pan Yizhang
Further reading:
MOCT Coin counterattacks ACE Exchange! Police seized over 100 million NTD in cash from Lin’s residence
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