Taiwan's cryptocurrency company, BitoGroup, has partnered with Far Eastern International Bank to introduce crypto-friendly bank accounts that integrate users' accounts with their cryptocurrency wallet to facilitate transactions. This collaboration aims to enhance the way clients transact digital wallets.
Linking Crypto and TradFi
According to the press release, this partnership bridges the gap between traditional banking and cryptocurrency and offers users a better and reportedly secure platform. This offering is a product of research and development conducted over a three-year period that saw the integration of the systems of both companies.
The new account can reportedly be linked to BitoPro's exchange account and set up within about an hour. Positive feedback from the pilot phase revealed a 25% increase in daily transaction amounts per user, indicating strong community support and interest.
By integrating traditional financial systems withcryptocurrency exchanges, BitoGroup aims to create a trustworthy and secure environment for transactions. The partnership is expected to spur further innovations and enhance the flexibility of using both fiat and cryptocurrencies.
Besides that, BitoPro has collaborated with Neweb Technologies, Taiwan's largest third-party payment processor, to launch "BitoPay." This solution allows 300,000 merchants and millions of users to make payments using cryptocurrency, making it the most widely accepted crypto payment method in Taiwan.
VASP Association
The crypto industry in Taiwan is reportedly gaining traction with the establishment of the Virtual Asset Service Provider (VASP) Association, where Titan Cheng, BitoGroup's founder and CEO, has been elected as the first Chairman. This collaboration between cryptocurrency and traditional financial institutions seeks to gain the trust of regulatory authorities and strengthen the foundation of the crypto-financial system.
Last year, Taiwan's crypto industry created an industry association in collaboration with its financial regulator. This move preceded the release of the official guidelines for the sector. To expedite the process, nine cryptocurrency firms formed a working group, expressing their intention to apply for the formation of an industry association by mid-October last year.
Since 2021, Taiwan has mandated VASPs to follow strict anti-money laundering laws provided by the Financial Supervisory Commission. However, beyond these AML regulations, the broader cryptocurrency industry in Taiwan has operated mainly without formal oversight. Thus, the FSC announced plans to provide comprehensive guidelines about cryptocurrency trading and payments for VASPs last year.
This article was written by Jared Kirui at www.financemagnates.com.
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