While some countries just talk about embracing crypto trading and digital assets (looking at you, the United Kingdom), others are making huge strides toward implementing various cryptocurrencies in their economies. Taiwan is still far from adopting any of the coins as part of its monetary system, but it already has a strong foundation for it. Now, the national crypto market will grow even stronger with the addition of WOO Network.
Taiwanese officials welcome crypto trading platforms
The Financial Supervisory Commission (FSC) operating under the Taiwanese Banking Bureau recently registered 24 providers of virtual assets. Among them, we can see several Bitcoin trading platforms including WOO Network which offers liquidity to many exchanges and connects multiple global DeFi platforms with its sprawling infrastructure.
Local exchanges that will now be able to access the WOO Network infrastructure are Max Exchange and Ace, both are highly active CEX platforms operating in the Taiwanese economy and offering their financial services to thousands of Chinese-speaking retail traders in the region.
The inclusion of WOO Network in the Taiwanese financial ecosystem is a significant move because the company can bridge the gap between the Chinese market and investors from the outside who will jump at an opportunity to diversify in this direction. WOO Network will now implement measures laid out in the AML compliance program and start exchanging Bitcoin for fiat currencies without breaking any laws and regulations.
The company’s official Twitter page published a tweet saying that the company is the first international receiver of approval from Taiwanese authorities. According to Josh Tan, the CEO of WOO Network, this decision allows the country to find a proper middle ground between embracing innovation and keeping users safe.
What does it mean for the crypto community?
Another day, another news story about a country moving toward implementing crypto assets in its financial ecosystem. We are not talking about adoption yet, but every new development that happens in a sovereign economy is a bit of reassurance for crypto investors and early adopters who want to see the world using cryptocurrencies as much as it uses fiat.