Taiwan's Three Main Exchanges Are Normal

Taiwan's Three Main Exchanges Are Normal

The major three cryptocurrency exchanges in Taiwan, MaiCoin, BitoEX, and ACE, said in a joint statement that they will shortly offer documentation of assets that have been validated by independent organizations. The statement was made over the weekend. The exchanges stated in their stateme


The primary operating principles of the digital asset trading platform operated by MaiCoin and the digital asset exchange operated by its wholly owned subsidiary, MAX, are "active compliance with laws and regulations, user protection, and restriction of risks properly." [Citation needed]

In addition, MaiCoin stated that it has never included FTT on either its main platform or any of its subsidiaries. As a result, neither the organization nor the people who utilize its platform are directly impacted.

The company would want to make it clear that it only conducts business with FTX.com for the purposes of liquidity management and hedging. Despite this, MaiCoin made the announcement that it has exposure to FTX.com with a value of about 260.546 dollars.

On the other hand, it was made clear that this would not have any effect on the company's operations. According to individuals who are acquainted with the matter, the cryptocurrency exchange MaiCoin, which is located in Taipei, is reportedly considering offering its shares on Nasdaq within the next two years.

According to documents that have been validated by Bloomberg, MaiCoin anticipates that, following its listing on the Nasdaq, its trading revenue would climb by more than 70% yearly through the year 2025.

Earlier in this month, BitoEX revealed that it had withdrew its money from FTX, although ACE stated that its business activities had not been affected in any way by this development.

In 2014, BitoEX entered into a partnership with the FamilyMart convenience store chain in East Asia to enable payments to be made using bitcoin at its digital kiosks. In addition, in May of 2018, the exchange held an Initial Coin Offering (ICO), which resulted in the collection of $10 million.

The Cryptographic Climate of Taiwan

In the beginning of this year, Taiwan's largest chain of convenience stores, 7-11, joined a competitor of Maicoin's called BitoEX and began offering Bitcoin purchases in thousands of FamilyMart, OK-Mart, and Hi-Life stores all across the island. Through the use of a cell phone number and a PIN combination mechanism, the service sends Bitcoins directly to the wallets of its subscribers.

Because of Taiwan's stringent anti-money laundering (AML) rules, a number of Bitcoin exchanges there were shuttered at the beginning of this year. Despite the fact that the Financial Supervisory Commission (FSC) has the authority to monitor the market, there is still a lack of complete regulatory clarity in Taiwan's cryptocurrency space.

Because of this, local businesses are put off by the absence of a comprehensive regulatory framework for digital assets.

Ojike Stella

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