After HongKong, it is time for Taiwan

[elevates]

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. 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?

[BlackBoss_]

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.

[bangjoe]

I thought that it looks like my DCA is not going to waste.lol
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.

[crwth]

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.

[jrrsparkles]

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. 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?

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.

[smyslov]

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. 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?

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.

[Fivestar4everMVP]

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?

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.

[joniboini]

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.

[kenfeng]

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

[retreat]

-snip-
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.
-snip-

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.

[TheUltraElite]

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.

[PrivacyG]

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.

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.

[Asiska02]

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. 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.

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.

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?

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.

[YUriy1991]

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. 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?

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.

[Mate2237]

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.

[Accardo]

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.

[avikz]

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.

[umbara ardian]

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.

[sokani]

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.

[serveria.com]

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. 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?

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

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?