JuCoin Exchange Expands into the Taiwanese Cryptocurrency Market

JuCoin Exchange, the 2013-founded and among the industry's longest operating exchanges, has made its entry into the Taiwanese market

JuCoin Exchange, founded in 2013 and one of the longest-operating exchanges in the crypto market, is venturing into the Taiwanese market.

This move comes a day after Taiwan’s Financial Supervisory Commission (FSC) unveiled the VASA Act Draft on March 25 to regulate Virtual Asset Service Act (VASA) providers and the country’s cryptocurrency industry.

The proposed framework aims to set clear rules for Virtual Asset Service Providers (VASPs), focusing on investor protection and compliance with anti-money laundering (AML) regulations.

This initiative is to segregate customer funds, ensuring that user assets are stored independently from company funds to prevent mismanagement. Additionally, foreign crypto firms must register locally to serve Taiwanese users, reinforcing government oversight. Segregation of customer funds is a standard practice in mature financial markets and serves as a crucial measure to safeguard users' assets.

suggest that between Q3 2021 and Q3 2022, there was a 43% increase in cryptocurrency ownership in Taiwan, highlighting a significant upward trend in crypto adoption within the country.

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

This move is in response to the rapid growth of the crypto market in Taiwan, which has seen a substantial increase in cryptocurrency ownership and interest among the population.

Announcing its entry, JuCoin highlighted its commitment to building a vibrant Web3 ecosystem in Taiwan, expressed through initiatives such as the "Taiwan Web3 Accelerator" program.

The company plans to invest TWD 200 million in this endeavor, which will also see it launching a Launchpad function to assist emerging crypto projects with their token launches.

It is also developing 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).

JuCoin is known for its advanced trading platform which supports a wide range of cryptocurrencies, allowing users to diversify their portfolios effectively.

Moreover, JuCoin is planning to introduce JuOne, a Web3 AI-powered cryptocurrency smartphone that integrates top Web3 features, AI-driven intelligence, and a 5G IoT network. This device aims to provide users with a seamless and interconnected experience in the Web3 space.