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 with
cryptocurrency 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 .

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 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.

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 with
cryptocurrency 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 .

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 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.