Taiwan’s Crypto Collaboration: A Sign of Industry Maturation or Self-Preservation?
The post Taiwan’s Crypto Collaboration: A Sign of Industry Maturation or Self-Preservation? appeared on BitcoinEthereumNews.com.
The cryptocurrency journey has just reached an important junction. The regulatory debacle around cryptocurrencies encourages skepticism and instability, even though its potential for innovation and financial inclusion can not be denied. This is why the recent collaboration between 24 leading crypto companies in Taiwan to form the Virtual Asset Service Providers (VASP) Association, has stirred a conversation. Led by BitoPro founder and CEO Titan Cheng and XREX chief revenue officer Winston Hsiao, this association aims to create a regulatory environment that promotes the growth of the global blockchain finance industry. However, the idea behind this collaboration raises questions: is this a sign of industry maturation or a way for self-preservation? Taiwan’s Crypto Market: Young and Ambitious, But Unclear Young investors dominate Taiwan’s crypto market. The statistics have it that in 2023, more than half of crypto investors, 52%, were between the ages of 18 and 24 years. This demographic of tech-savvy investors keeps on fuelling growth by being attracted by prospects of high returns associated with trade, crypto gambling, etc. Of note in this sense is the sector of crypto gambling. Sites like CryptoCasinos.com track this evolving sector. A recent case highlighted the murky legal waters surrounding crypto gambling. A man has been charged with breaching Taiwan’s President and Vice President Election Recall Act following up on a bet he placed for 472.12 USDC on the outcome of the election. The story brings out the need for more deciphered laws and regulations around the use cases for cryptocurrencies, specifically areas that might be connected with illegal activities. Industry Maturation: Building Bridges with Regulators Historically, the cryptocurrency industry has operated within a blurred regulatory area. There have been so many uncertainties. These uncertainties have discouraged investors and caused a problem of doubt for businesses in the industry. A paradigm shift towards…
Filed under: News - @ July 31, 2024 2:24 pm