Bitcoin Forum

This was supposed to happen but the timing is perfect. A few hours back Taiwan announced that it will allow traditional Banks to offer Bitcoin & Crypto trading services (https://watcher.guru/news/taiwan-to-allow-traditional-banks-to-offer-crypto-trading-services). A month back they had announced that Bitcoin and cryptocurrency regulation are on the way. But why so fast?

I mean, what was the hurry? Is it because HK announced a few days back that their largest bank plans to extend its service to crypto? Or it is a competition between China & Taiwan as to who gets a major chunk of the crypto business.

Whatever is the reason? I feel that this news should bring a lot of cheer to the market. Why? As another country joins the list that accepts Bitcoin & cryptocurrency as an entity and wants it to thrive.

What do you guys think? :)

Hongkong and Taiwan are pioneers to enforce more friendly environment exclusively legal and regulatory policies for companies in blockchain and cryptocurrency. They are not the same as China mainland but having some great initiatives in the Asia is great.

In 2017 bull run, we had Middle East and in 2023 market towards 2024 bull run, we might see more adoption growth including regulatory aspect in this continent. It won't stay outside and watch the Europe, South America and Latin America countries to play as hubs of cryptocurrency.

Soon we will have big countries to announce their bombing adoption on cryptocurrency and related companies with clearer regulations so that companies in this field can more easily to comply with.

I thought that it looks like my DCA is not going to waste.lol ;D
Of course this big news from Taiwan and Hong Kong gives impetus to mass adoption which will probably happen very quickly from today, even though basically it is not made as a currency as they say "crypto currency" but only used as an alternative investment tool. it is extraordinary to make bitcoin and other crypto known to the general public.
But I really want to review the regulations that will be issued by Taiwan, maybe there are many restrictions, maybe not, that is the dilemma that is in my mind now.
But all that happened between these rivalries could have a positive effect on the crypto world after our previous crash.

I think this is just the start and many traditional banks will follow. Imagine the people who predict that Bitcoin is going to $100,000. A recent announcement came from a traditional bank and they are famous and with their statement, a lot of people probably have managed to buy and really believed in that idea. I do hope that it can come to fruition and continue to have that kind of power and backing from everyone. A lot of people would be rich just by holding BTC as well.

They just announced that they will bring norms for cryptocurrency sooner but everything takes time atleast a year from now so the hurry is just for the announcement and nothing else. Taiwan and China has already geopolitical issues so I don't know how successful Taiwan will be when it comes to implementing because China will going to oppose it at any cost since that's being their nature.

Well, what we understand from all these the banks started to realise that bitcoin is not a small thing anymore and if they don't adapt the trend then they will be like Nokia.

It will eventually happen, Taiwan and Hong Kong are economic giants and they are competing in a subtle way, Hongkong being a colony of China and one of its economic arms, and Taiwan who established their own identity in the Asian region.
Asia is a strong economic region and the adoption of Cryptocurrency will further strengthen the region, and of course, China's Hongkong and Taiwan don't want to be late in adoption.
The adoption of these two economic giants will bring positive feedback to the market, hopefully, it will turn the tide and we'll price of Bitcoin and other top coins to surge.

By this comment, you've already said my mind, let them flex muscles, as to who be the first to integrate bitcoin into her system,
Ours, I believe is to sit and watch, while our bitcoins in our wallets continue to increase in its value, thereby making us some nice profit.

I've always said it before that bitcoin is here to stay, it doesn't matter the several challenges faced, challenges are normal experience for every new technology, sooner or later, I see bitcoin becoming a major global currency in the entire world, it wil happen sooner than we think.

It surprise me a bit that what has been done in my country for months, or maybe years, is slowly happening to other countries (if I don't misread this news). Not sure how it will impact the global market, but as far as I can see it doesn't really change how the status quo works that much. I can imagine people being more open to sharing that they have crypto and want to trade on a registered exchange, oversea exchange gets more hurdles to pass if they want to serve customers from Taiwan (depending on the law tbh), and so on.

At the very least, this is better than how US do their thing where they just sue exchanges left and right because they fail to register their service and follow regulation when the regulation they set is unclear and so easy to interpret to different ways. CMIIW.

Hong Kong regulators have been taking steps to regulate the cryptocurrency industry and provide greater oversight for trading activities. In November 2020, Hong Kong's Securities and Futures Commission (SFC) proposed new rules that would bring cryptocurrency trading platforms under its regulatory authority. The proposal includes requirements for licensing, due diligence measures, and capital and custody requirements. In addition, the SFC has issued guidance on security token offerings and has been monitoring the activities of cryptocurrency exchanges and initial coin offerings (ICOs) to ensure compliance with securities laws. As of April 2023, Hong Kong has a regulatory framework in place for cryptocurrency trading platforms, and licensed exchanges can offer trading of certain large-cap tokens to retail investors.
hopefully the ftx issue won't be repeated in hk

Maybe it proves that Hong Kong and Taiwan are independent countries, whose financial system is more open and not controlled by mainland China. Because as seen mainland China is quite anti-Bitcoin and Altcoin and even prohibits it from circulating in their country - and with the support of Bitcoin and Altcoin trading and transactions at traditional banks in Taiwan and Hong Kong it proves that they are independent countries and are not constrained by mainland China.

They are mostly looking forward to entrepreneurs in crypto to come in and setup business there. It is less about regulations in my opinion, although both could be their aim. Q4/September is what we need to wait for here, till then fingers crossed as to what happens next. If they start doing this following HK, we can expect good price pump in the next few months and even more when it starts.

But another aspect to this is the government questioning of companies and all which often happens a few years after they get settled in. They are needed to keep their growth in check but lets hope that does not bring down the spirits.

Probably both and more.

Every body knows there is a lot of money to be made with Cryptocurrencies.  Had it been almost globally accepted and regulated, no body would care enough to hurry anything up.  But it is not globally accepted and definitely not globally regulated.  Today there is uncertainty.  You start a mining farm but you never know if tomorrow your business becomes illegal.  So, whenever a country decides to finally accept it, there is hype and there is a lot of room for profitability.

With all indications, it might seem to be like a competition of who gets the more crypto business utilisation. There’re a lot of entrepreneurs whom I think the government there wants to focus on in order to maximise the use of cryptocurrencies in their businesses. This will make the widespread faster and use amongst the citizens there. The adoption is getting massive day by day and it’s a welcome development to the world of cryptocurrency.



Whether there is good or adverse news about it at the moment, I believe it is a brilliant idea that will add to the general success and expansion of cryptocurrencies in those areas. It may be for their benefit, but what is more important is that it is being adopted and will gain more global recognition and use.

True and Very interesting to see the development of Bitcoin and cryptocurrency adoption in various countries, and considering the recent announcement in Taiwan announcing traditional banks to offer crypto trading services is certainly a significant development in my opinion, Although it is not clear what motivated Taiwan's decision to move swiftly on Bitcoin regulations, it is possible that competition with China or Hong Kong's recent crypto banking announcements played a role.

But regardless of the reasons, the fact that other countries are feeling cryptocurrency and trying to promote its growth is undoubtedly positive news for the market, For me it's normal As Bitcoin and other cryptocurrencies continue to gain acceptance it will be very interesting to see how this impacts on global financial landscape.

This is welcome news from Asians continent. Things happened like this because the economic planning committee in Taiwan is very active and they have seen the thrive of Bitcoin in these days. This have been said some time ago that if one country does well with bitcoin other countries which is close neighbours to the country might join the ecosystem. And this might be the reason of Taiwan, China and Hong Kong.

The hurry was to meet up the demand and also the rate at the moment is making them to hurry up because they haven for seen the future of Bitcoin, so they have to make a purchase now to join the ATH.

When I hear Taiwan I think of Hong kong, however, Taiwan doesn't have a natural resource and focus mainly on digital assets like chips and building of automobiles. So, venturing into cryptocurrency shouldn't be new to my hearing because to enlarge their trade relationship with other countries they'll need to have different payment options available for potential prospects. Taiwan is growing and I don't think that they took this decision because of Hong Kong, between, they import lots of agricultural products from other countries, and if they decide to pay in bitcoin that'll be a better growth for the currency. Its great to see that Asian countries are beginning to accept cryptocurrency into their banks.

It's one of the survival strategies Taiwan is trying to implement as they are very close to getting attacked by the second biggest land mafia of the world. Taiwan government has seen how China blocked the banking transactions of the local government and citizens of Hongkong. So probably they are preparing for that.

Another reason could be, Taiwan is trying to cash out from the current regulatory situation in US. The way US is treating the crypto companies, they will look for another destination from where they can operate. Probably they are trying to fill the gap.

But overall it's a good news! Hearing about crypto friendly countries is always good and positive for the market.

Taiwan's reliance on digital assets like chips and automobiles, which could make the adoption of cryptocurrencies a natural fit for the country's economic development. By embracing cryptocurrencies, Taiwan may be able to diversify its economy and expand its trade relationships with other countries that are interested in using digital currencies for payments.
As more countries begin to recognize the potential benefits of cryptocurrencies, we may see an acceleration in the adoption and integration of digital currencies into the global financial system.

It could be that Taiwan had this in the pipeline, but whether they hurriedly announced theirs before Hong Kong, all I know is that this is a very good news for the Asian crypto community and the world at large. Having both countries accepting bitcoin and other cryptocurrencies would help to strengthen local businesses, attract foreign investors and boost the country's economic. And I hope other asian nations will follow suit.

I wonder why people are always unhappy? Things are going too slow? Not ok. Things are happening too fast? Unhappy again.  ;D

We have to be grateful adoption is happening so fast. What is the reason? We can only guess: competition with HK or just a way to p*ss off China?

Couple of reasons I could think of that could lead to Taiwan deciding to be more accepting of bitcoin in its country.

1. To spite China: China has not been the most accepting of cryptocurrency utilization in its country, and they had made moves that go towards the complete ban of it within their borders, and since Hong Kong and Taiwan are their enemies in all manner of the word, these moves made by Taiwan goes towards the promotion of the idea that they oppose the superpower.
2. Economy: The crypto world is a trillion dollar industry, and to not cash in on this profitable venture is like shooting yourself in the foot especially nowadays when inflation is arguably at an all time high.
3. Just because: Just as with El Salvador completely adopting bitcoin in their currency system, Taiwan's moves in favor of crypto usage may just be self-explanatory. They basically just wanted bitcoin to have a place in the East Asian borders.

Whichever it was, the positive consequences remain supreme.

This is something to celebrate as Taiwan is now a part of crypto friendly countries that will give opportunities to people to buy and use bitcoin or hold it until its value reaches its new ATH. If most of the traditional banks will have an attitude like this, then people will not stop from trusting them, instead they will stick to it and would be more encourage to invest in bitcoin for future profits.

It really could be true that the next bull market will be coming from the east. I have heard this from several podcasters not just to those Asian that rely on Hong Kong news where China plans it to be the global crypto hub.

Whenever Taiwan is on the news, its often a political news. So why so fast I think is to compete Hongkong and to prove the island is indeed independent to China.

I had hoped that this news was genuine, but it turns out to be fake according to Wu Blockchain (https://twitter.com/WuBlockchain/status/1651958273942384641). Positive news about cryptocurrency is always welcomed, while fake news can have a detrimental effect on the market in the long run. Nevertheless, I cannot completely dismiss the possibility of good news, especially since Hong Kong is currently attempting to regulate crypto licenses. China and Taiwan have a strained relationship, and Taiwan may not want to miss out on the potential economic benefits of crypto.

This news is a welcomed development and a big plus to the crypto space. But this news has been refuted by Taiwan's Financial Supervisory Commission. They claimed that the comments of the Chairman of FSC Huang Tien-mu were misinterpreted to mean that conventional banks will engage in crypto trading services. But his point was that Taiwan will come up with a comprehensive framework for crypto dealing in September. I am sure this forthcoming crypto law will be friendly because Taiwanese lawmakers are unhappy that Japan and Singapore are ahead of Taiwan in the crypto ecosystem. They desperately want Taiwan to become a crypto hub so they want to attract more investos.

https://dailycoin.com/taiwan-crypto-rules-come-september-but-regulators-refute-reports-allowing-banks-offer-crypto-trading/

Competition has always been present in all countries, that is how they play their game too. But I believe those who will take advantage on crypto first will definitely have an edge over other countries who are still very dependent on traditional means. Bitcoin and cryptocurrency are part of the technology innovations, and since technology drives a certain country, then the government should also learn to cope up with the changes, especially if it means the country’s profitability will be most likely visible. And Taiwan is just a perfect example for this, no matter what it’s real reason, but Taiwan is actually heading for the country’s brighter future with bitcoin adoption.

There are circulating rumors suggesting that China is leveraging its influence over neighboring countries to reestablish its presence in the cryptocurrency market. While this rumor holds some plausibility, the timing of China's market entry aligns with a pattern observed in the past, wherein China relaxed regulations on cryptocurrencies just before a significant market upswing, only to subsequently reverse its stance. Additionally, another theory posits that China is intentionally opposing American regulations to instigate an economic crisis.

This is a great news for everyone, and hopefully this will create an urge for other countries to be more open minded so they can see the essence and potentials of crypto that could bring massive profits for the country. Well, I don’t think it’s a hurry decision because Taiwan might have been thinking about this decision for a long time, and maybe it’s only now that they have finalized it. Whatever is the reason, but surely for enormous profits, then Taiwan has made a perfect decision for its citizens as it may open vast of opportunities for people so they can freely buy and hold bitcoin and be as one of those future millionaires in bitcoin. And it’s really possible if they have faith in bitcoin.

This is sound good that taiwan starts adopting bitcoin massively into their citizens. Allowing bitcoin services on the conventional bank will be increase for bitcoin mass adoption. Not only hong kong and taiwan that legalize bitcoin in their country but also other countries will be inspired to chase the movement that was taken by hong kong and taiwan. this will be good news for the existing of bitcoin in the world wide..

The country that accept bitcoin / crypto currency as legal currency will get some benefits for the citizen, such as: 

• People will get easier transaction and get paid instantly from anywhere 
• No need to be afraid to fraudulent charge-backs
• enchance for marketing opportunities 

Welcome the idea for Bitcoin to be use strictly used for business. Countries have start to see reasonable benefits of Bitcoin and the potential positivity it will bring to their resources. It's very important we study Bitcoin and understand perfectly how it operates. Bitcoin adaption is growing fastly in the space and also in the universe. Taiwan acdeptng Bitcoin will all triggered top competition in the digital economy, El Salvador was among the first country to adopt the payment of bitcoin in their general market and it works good for them.

I don't think they rush or compete with each other. Bitcoin and cryptocurrencies are not new, and I believe they have been doing their research for a while, and it is time to make a decision. Although this is not too big news because these two countries are very small economies and do not have a big impact on the world economy like China or the US. But it was also a success for the crypto industry.

This might be the article Wu Blockchain mentioned, where the fake news started. It does not appear to be saying that their commission on financial regulations will allow their banks to offer payments and services to the cryptospace.

This is a translated paragraph from Chinese to English.



Currently not considering listing domestic cryptocurrency exchanges.

Regarding the possibility of listing the 27 domestic cryptocurrency exchanges that are currently under the guidance of the Financial Supervisory Commission, Huang Tianmu said that he has not considered it at present and should proceed step by step.

Source https://www.blocktempo.com/huang-tien-mu-promises-not-to-let-similar-incidents-as-ftx-happen-in-taiwan-again/

If we see that btc has been here for more then a decade and countries are now making regulations about it and banks offering crypto related services whereas in the past they were completely against it so do we still call it hurry? They have come up with this move which is good for the people but all those who buys with banks also remain under their radar so a kind of control over them also.They are seeing crypto as  a rising market of which they want to take benefits of so they have planned this move in conflict and with China.

Both Taiwan and Hongkong are actors that have taken time to develop their Bitcoin regulations and policy underground long before the public announcement so I don't see Hongkong bank-bitcoin adoption as a surprise even though it may seem too quick following Hongkong own announcement to me, I don't see any reason why Taiwan should waste so much time in developing their regulatory framework because Bitcoin is best regulated while being an actor in the economy so there can easily adjust and correct along the way.

This is surely great news since it is a part of Bitcoin adaptation all over the world, I mean even the article could easily increase the market price of Bitcoin easily at this time. This is surely going to be a long process especially when it comes to cryptocurrency adoption it would be a big discussion. It's great to see other countries getting interested in how they can use bitcoin.

In my country cryptocurrency is now supported by some banks and they now offer cryptocurrency trading which is a good thing and could easily encourage a lot of people that don't have an idea or don't know what Bitcoin is to actually buy or just gain interest about it.

The countries that sees the best in Bitcoin and crypto will not want to miss out, something that the United States of America should be doing right now, but the fear of crypto doing better and well embraced than the US Dollars have brainwashed them. It will be too late before they realize what they have thrown away.

I read about how Coinbase planned to change it's location out of the US, this people will regret their decision in the near future, if Asia countries embrace crypto and stick to it countries like the US and others will not stand a chance. I can't imagine living in the US and also accumulating crypto.

Us dollars is the reason why the US government is not showing some love for crypto, they believe it's brainwashing people and they pretend to care that some people are also losing money, how about 100s of casinos all over the states in the US? What have they done about that. I guess they can't, for some reason.

Perhaps their government knows that they really need to hurry so that they can be in the forefront of this revolution. Or maybe a slap against the oppressive China government. As we all know that China has been cracking down on crypto and wanted to promote their digital Yuan.

So it make sense the Taiwan will go on the opposite side and be as crypto friendly as they can be. And we've seen lots of bitcoin or crypto friendly countries in the neighboring South East Asean so they will just have to follow and let Asia be one crypto hub in the future.

If this can happen then I am very sure that later many other traditional banks will follow in their footsteps, and I believe later the value of Bitcoin will definitely increase again because news like this will have a big impact on the crypto market, especially now that many countries have recognized the greatness of Bitcoin so that the doubts they used to feel will disappear with news like this, And we all know Taiwan and Hong Kong are countries that perform very well economically so that other countries will be easily affected by them, so now we have to face the crypto market will increase again.

this is very interesting news, because the two countries are indeed very smart in managing their economy, if their traditional banks will agree to this then I'm sure other countries will not be silent and will definitely follow their flow, and most importantly for us crypto users market conditions will definitely improve with news like that, and we hope that this year the value of crypto can increase again, so that our investments so far can get big profits.

Since when did China become willing to adopt and regulate bitcoin? Hongkong although it is generally under communist China rule has its own government as well and is a huge financial hub. Hongkong needs to blend with the latest technology if it wants to continue being competitive on the world stage. Taiwan on the other hand is a very rich industrial country like Japan known for its advanced technology. Bitcoin as one of the best technological innovations in the last decades earned its place to be accepted and regulated, especially in modern countries and states like Taiwan and Hongkong.

The announcement of Taiwan is much more different from Hong Kong. Because Hong Kong announced that they are gonna work on the development of the Crypto Hub in China dn for these reasons that announcement was way bigger than the current announcement of Taiwan. Even a few weeks back I was reading the news randomly and I found that Hong Kong even reached the economists of the Japanese market for the development plans. Taiwan is also changing its policy on the crypto market which indicates the world is moving forward now and the theory is getting closer to coming true which is the coming Bull rally is going to be due to the Asian market. Many other reasons also affect it as the recent global politics.

Maybe it's just a coincidence, especially if the regulations were already announced earlier. But I suppose it could be competition as well. That being said, it seems that the news articles are mixed (as was also noticed by some people in the thread), considering that some say (https://dailycoin.com/taiwan-crypto-rules-come-september-but-regulators-refute-reports-allowing-banks-offer-crypto-trading/) that the reports about allowing banks to offer crypto services are actually false. What also seems concerning to me is that major media outlets don't seem to have any recent news about Taiwan and cryptos, with the latest news being a month ago (https://www.coindesk.com/policy/2023/03/20/taiwans-crypto-industry-welcomes-regulatory-announcement/.). Normally, it means that the info is not confirmed or that some outlets are pushing old news... So is Taiwan really allowing banks to offer crypto services? Or is it a speculation that is written and spread by some media because it would make for a great comparison with Hong Kong?

They recently stated that they will introduce cryptocurrency norms sooner, but since everything takes time—at the very least, a year—the urgency is only for the announcement. Because of the geopolitical tensions between Taiwan and China, I'm not sure how well Taiwan will do with its implementation because China would, by nature, fight against it.

I'm not surprised by what's happening because that's where the crypto industry or bitcoin is going in the whole world, to be honest. This kind of implementation by countries today shows that they know that the fall of Bitcoin cannot be stopped in the future and that the whole world will actually use it.

Whatever their reason is, for sure they are probably just promoting who has the most Bitcoin or other crypto in this industry. This is just my opinion.

Soon we gonna see more adoption in the world not only HongKong and Taiwan

It really makes a ton of sense to make crypto as legit as it gets for any nation and governments. I get that some people might have some questions about it, but that doesn't mean that each nation will approach it the same way, it will be different situations without a doubt. Not every nation has the same size neither, that changes things, both economically and population as well.

El Salvador made it legal for example, and that was easy because they are a small nation with small economy, they couldn't invest even a billion dollars, there are people who could spend that without a care, PEOPLE, and this is a nation we are talking about. So you can't expect USA to get there quickly, it may take decades before bitcoin would be possibly legal tender there, probably never. Hence, it is going to be different for China as well.

I felt the same as you, but will Taiwan even get more pressure from China?, because we already know that Bitcoin will bring big changes from the country that implemented it. Like Elsavador, they get pressure from the big countries around and the world bank. Maybe not even big effect from now, but when Bitcoin and crypto are very massive used by people in Taiwan, I really sure China won't just shut up, and maybe will make Taiwan's economy be messed up. I think Taiwan must create cooperate immediately with countries that have the same power as China. Taiwan must make a meeting soon with USA and its associate.

I wouldn't call it so fast, we are about 12years in the making and he got just a handful of countries amongst the nations of the world looking forward to an adoption. That ain't fast, that's slow progress and slow progress isn't any bad progress. As a matter of fact, it creates room to strip away any impurities in the system as it grows.

My concerns here is, how are we going to incorporate cryptos into local banking?
Let's not forget that the banks operate a centralized scheme, bitcoin is decentralized and bitcoin is supposed to help users attain some financial freedom so, where do the banks really come in aside from swapping cryptos for fiat.

Or they are just very fast to implement it or something about the tension between them and china. What ever the reason is for sure it was all about money involved on it they want to maximize something that can generate more money for them to prepare on something.  What i am just amazed right now that there are now couple countries having crypto in their country how much more after halving?

This is certain, but the question is when it will happen. Currently, we still only see small countries accepting and using bitcoin, but no major countries have come forward to support bitcoin yet. So I think it will be a while before we see global adoption. But what is happening now shows that bitcoin is the future and people will need it in the future.

That's the same question I also had in mind to ask, knowing truly what Bitcoin stands to represent, as a decentralized digital currency where banks nor the government has no control over it. But however, I think since Hongkong and Taiwan are not the first two countries to adopt the use of Bitcoin as legal, what could likely happen is for they to operate just as the already Bitcoin legalize countries does currently at the moment (i.e El Salvador & Centre African Republic), whereby banks are placed in charge to regulate the issuance of Bitcoin and all other digital assets through a developed centralized system where users can be able to pay for goods and services with bitcoin at low transaction fees.

I believe Singapore as well is having some thoughts of being a hub in Asia and if I'm not mistaken, they also wanted to be a legal tender just like El Salvador did but as of now, they are still taking their time to observe and study further about it because even if we say that El Salvador may have some improvements since they became a legal tender, we all know that it was not an easy step especially that they were the first ones to do it without any experience.

I think that if indeed China will do that it could but maybe it won't affect that it will still go ahead, it's too far if the tensions so far between China and Taiwan will affect. If there is indeed going to be an intervention against Taiwan, China will be able to do it but it hasn't been carried out in the past, unlike the situation in Hong Kong, where there was a handover.
if competition can of course be ensured but once again the impact will certainly not affect it, but agree that this will make the market more enthusiastic.