JuCoin Enters Taiwan's Crypto Market

Established cryptocurrency exchange JuCoin, founded in 2013, has announced its entry into the Taiwanese market following the release of new crypto regulations on March 25th. This move places JuCoin alongside existing players like eToro, BitoPoro, MaiCoinGroup, and MAX Exchange.

While not yet offering services directly, JuCoin has begun the process by applying for the necessary regulatory licenses. Furthermore, the exchange has unveiled a significant initiative: the "Taiwan Web3 Accelerator" program, which will receive a 200 million TWD investment if its Taiwanese user base surpasses 100,000.

Benefits for Taiwan's Crypto Market

JuCoin's arrival promises several advantages for Taiwanese cryptocurrency users:

• Access to a sophisticated trading platform supporting a wide array of cryptocurrencies, facilitating portfolio diversification.
• Utilization of the JuCoin Launchpad, assisting emerging crypto projects with their token launches.
• Potential introduction of the JuOne, a Web3 AI-powered smartphone integrating advanced Web3 features, AI intelligence, and a 5G IoT network.
• Access to JuChain, JuCoin's independent, permissionless public blockchain, enabling the creation of decentralized applications (dApps) and the issuance of fungible tokens (FTs) and non-fungible tokens (NFTs).

Entry Amid New Crypto Regulations

JuCoin's entry closely follows the release of Taiwan's Virtual Asset Service Act (VASA) draft by the Financial Supervisory Commission (FSC) on March 25th. This regulatory framework aims to provide clear guidelines for Virtual Asset Service Providers (VASPs), strengthen investor protection, and ensure compliance with anti-money laundering (AML) regulations.

Key aspects of the VASA include mandatory registration for VASPs, requiring all crypto exchanges operating in Taiwan to obtain a license. The FSC also mandates segregation of customer funds and requires foreign crypto firms to register locally to serve Taiwanese users.

Between Q3 2021 and Q3 2022, cryptocurrency ownership in Taiwan saw a 43% increase, demonstrating a significant growth trend. The new legislation reinforces this growth by implementing strict AML measures, including Know Your Customer (KYC) policies and reporting requirements for suspicious transactions. Unregistered platforms will be prohibited from operating within the country.

Building a Taiwanese Web3 Hub

Beyond market entry, JuCoin envisions fostering a thriving Web3 ecosystem in Taiwan, aiming to establish a Taiwanese equivalent of "Web3 Silicon Valley." A 200 million TWD investment will support the "Taiwan Web3 Accelerator" initiative, providing funding for local AI, DePIN, and RWA projects, with priority listings on the JuCoin Launchpad. In partnership with National Taiwan University and the Blockchain Association, JuCoin will also launch a "Web3 Talent Training Camp," aiming to train 500 professionals annually.

Disclaimer: This content is for informational purposes only. Conduct thorough research before investing in cryptocurrencies. Codeum is not responsible for personal financial losses.