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Crypto Market of Taiwan Welcomes New Player – JuCoin Exchange – Amid New Regulations

Crypto Market:- JuCoin Exchange, the 2013-founded and among the industry’s longest operating exchanges, has made its entry into the Taiwanese market after the country released new crypto regulations.

With this move, it is entering the market that has already established players operating as crypto exchanges such as eToro, BitoPoro, MaiCoinGroup, MAX Exchange among others.

Though it has not immediately started offering its services in the crypto market of Taiwan, but it has initiated the process by applying for mandatory regulatory licenses.

Further, it has also announced of launching the “Taiwan Web3 Accelerator” program of 200 million TWD if its users base in the country exceed the number of 100,000.

What are the Benefits for Users in Taiwan?

As JuCoin prepares to enter Taiwan’s cryptocurrency market, users can anticipate access to a comprehensive suite of services such as its advanced trading platform which supports a wide range of cryptocurrencies, enabling users to diversify their portfolios effectively. The users will also get access to its Launchpad function which can help in assisting emerging crypto projects with their token launches.

Notably, it also plans to introduce JuOne, a Web3 AI-powered cryptocurrency smartphone that integrates top Web3 features, AI-driven intelligence, and a 5G IoT network. 

It is also developing its JuChain, an independent and permissionless public blockchain that facilitates the creation of decentralized applications (dApps) and the issuance of assets, including fungible tokens (FTs) and non-fungible tokens (NFTs).

Entry Amid New Crypto Regulations in Taiwan

JuCoin Exchange is entering the country only a day after Taiwan’s Financial Supervisory Commission (FSC) released a draft of the Virtual Asset Service Act (VASA) on March 25 to regulate the country’s cryptocurrency industry.

The proposed framework seeks to establish clear guidelines for Virtual Asset Service Providers (VASPs), enhancing investor protection and ensuring compliance with anti-money laundering (AML) regulations.

Key aspects of the draft include mandatory registration for VASPs, requiring all crypto exchanges operating in Taiwan to obtain a license. The FSC also introduces segregation of customer funds, ensuring that user assets are stored separately from company funds to prevent mismanagement. Additionally, foreign crypto firms must register locally to serve Taiwanese users, reinforcing government oversight.

Notably, between Q3 2021 and Q3 2022, Taiwan experienced a 43% increase in cryptocurrency ownership, indicating a significant upward trend in adoption.

The regulation also enforces strict AML measures, requiring platforms to comply with Know Your Customer (KYC) policies and report suspicious transactions. Furthermore, the FSC seeks to ban unregistered platforms from operating within the country, ensuring a more secure trading environment.

What’s  Next? Building the Taiwanese version of ‘Web3 Silicon Valley’

Apart from marking its entry, JuCoin has also announced its future plans for the evolving crypto landscape in the country by aspiring to build a Taiwanese version of ‘Web3 Silicon Valley’.

The company has pledged investing 200 million TWD to empower the Taiwanese community which will fund the “Taiwan Web3 Accelerator” initiative.

The Developer Support Fund will provide up to $500,000 in seed investments to support local AI, DePIN, and RWA projects, with priority listings on JuCoin Launchpad. This funding aims to accelerate blockchain innovation and encourage local startups to develop cutting-edge solutions.

In collaboration with National Taiwan University and the Blockchain Association, JuCoin will also be establishing the “Web3 Talent Training Camp” to train 500 compliance and technical professionals annually.

The post Crypto Market of Taiwan Welcomes New Player – JuCoin Exchange – Amid New Regulations appeared first on CoinGape.

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