In a move with groundbreaking and exciting positive implications for blockchain in Asia, Formosa Financial co-founder and CEO, Ryan Terribilini has been appointed as an advisor to the Asia Blockchain and Cryptocurrency Association (ABACA).
ABACA is a self-regulatory organization (SRO) that oversees exchange and token issuance for the Cagayan Economic Zone Authority (CEZA) in the Philippines. Meanwhile Formosa Financial is the first and only Taiwanese company with a CEZA license, making Formosa Financial and its CEO uniquely qualified to take the lead in keeping the industry stable and credible.
It says a lot about Terribilini and Formosa Financial that he accepted this appointment. In an industry still full of exchanges underhandly skimming and scamming money from its client base, Formosa Financial’s CEO proves the company’s integrity and mettle by willingly entering into partnership with the body that seeks to self-regulate the industry. That Formosa Financial is willing to lead by example and offer its exchange and custodial solutions under a shared regulatory framework sends a powerful message. It seems counterintuitive, but Ryan Terribilini views the understanding as a positive move which would:
“…accelerate policy harmonization for the blockchain industry in Taiwan, the Philippines, across Asia, and beyond.”
Further it shows Formosa Financial’s visionary move out of Taiwan and into the wider sphere of Asia. Some of the hostility to Asian blockchain-based enterprises, such as in South Korea, is based on a lack of regulation and conversely unwillingness of enterprises to be regulated. Mr. Terribilini’s positive step forward reaching out across Asia with a message of self-regulation, stable growth and trust building, could be just the warmth Asia needs to thaw the otherwise frosty attitude to blockchain enterprises that still lingers.