The Taiwanese government will announce the “Banking Sector Cryptocurrency Trading” specification in September, paving the way for traditional banks to offer cryptocurrency trading platforms to their customers.
Taiwan Prepares for Banking Industry to Enter Cryptocurrency Trading
This move is expected to improve the regulation of cryptocurrency trading in the country and boost mainstream adoption.
Currently, there are 27 cryptocurrency exchanges operating under the guidance of the Financial Regulatory Commission in Taiwan. However, this number may increase as traditional banks enter the market.
The Taiwanese government's move is in line with other countries exploring the integration of cryptocurrencies into their traditional financial systems.
These countries include the United States, where banks like JPMorgan and Goldman Sachs have launched cryptocurrency trading platforms.
Taiwan hopes to provide a more stable and secure environment for cryptocurrency transactions by allowing banks to offer cryptocurrency trading services.
Banks are expected to use their existing infrastructure and expertise to develop trading platforms that offer higher security and reliability to their clients.
The move is also expected to increase the adoption of cryptocurrencies in Taiwan by making it easier for individuals and businesses to invest in and transact with digital assets.
This is an important step forward in the country's efforts to become a leading destination for cryptocurrency and blockchain-related businesses.
Overall, the Taiwanese government's move to allow traditional banks to offer cryptocurrency trading platforms is a positive development for the country's cryptocurrency industry.
It is expected to give the industry more legitimacy and increase mainstream adoption.
*Not investment advice.