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Taiwan’s BitoGroup partners with Digital Bank for crypto-friendly accounts
Taiwanese cryptocurrency company BitoGroup has partnered with Far Eastern International Bank to introduce crypto-friendly bank accounts that integrate users’ bank accounts with their cryptocurrency wallet to facilitate transactions. This collaboration aims to improve the way users transact with digital wallets.
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 the product of research and development work conducted over three years which saw the integration of the systems of both companies.
The new account can reportedly be linked to the BitoPro exchange account and set up within about an hour. Positive feedback from the pilot 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 reliable and secure environment for transactions. The partnership is expected to spur further innovation and improve flexibility in using both fiat and cryptocurrencies .
Besides that, BitoPro has partnered with Neweb Technologies, Taiwan’s largest third-party payment processor, to launch “BitoPay”. This solution enables 300,000 merchants and millions of users to deliver payments using cryptocurrency, making it the most widely accepted crypto payment method in Taiwan.
VASP Association
The cryptocurrency industry in Taiwan is reportedly gaining traction with the factory of the virtual asset service provider (VASP) Association, of which Titan Cheng, founder and CEO of BitoGroup, was elected first President. This collaboration between cryptocurrency and traditional financial institutions aims to gain the trust of regulators and strengthen the foundations of the crypto-financial system.
Last year, Taiwan’s cryptocurrency industry created an industry association in collaboration with its financial regulator. This move preceded the publication of official guidelines for the sector. To speed up the process, nine cryptocurrency companies 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 set by the Financial Supervisory Commission. However, beyond these AML regulations, the broader cryptocurrency industry in Taiwan has mostly operated without formal oversight. Therefore, last year the FSC announced its intention to provide comprehensive guidance on cryptocurrency trading and payments for VASPs.
Taiwanese cryptocurrency company BitoGroup has partnered with Far Eastern International Bank to introduce crypto-friendly bank accounts that integrate users’ bank accounts with their cryptocurrency wallet to facilitate transactions. This collaboration aims to improve the way users transact with digital wallets.
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 the product of research and development work conducted over three years which saw the integration of the systems of both companies.
The new account can reportedly be linked to the BitoPro exchange account and set up within about an hour. Positive feedback from the pilot 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 reliable and secure environment for transactions. The partnership is expected to spur further innovation and improve flexibility in the use of both fiat and cryptocurrencies .
Besides that, BitoPro has collaborated with Neweb Technologies, Taiwan’s largest third-party payment processor, to launch “BitoPay”. This solution enables 300,000 merchants and millions of users to deliver payments using cryptocurrency, making it the most widely accepted crypto payment method in Taiwan.
VASP Association
The cryptocurrency industry in Taiwan is reportedly gaining traction with the factory of the virtual asset service provider (VASP) Association, of which Titan Cheng, founder and CEO of BitoGroup, was elected first President. This collaboration between cryptocurrency and traditional financial institutions aims to gain the trust of regulators and strengthen the foundations of the crypto-financial system.
Last year, Taiwan’s cryptocurrency industry created an industry association in collaboration with its financial regulator. This move preceded the publication of official guidelines for the sector. To speed up the process, nine cryptocurrency companies 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 set by the Financial Supervisory Commission. However, beyond these AML regulations, the broader cryptocurrency industry in Taiwan has mostly operated without formal oversight. Therefore, last year the FSC announced its intention to provide comprehensive guidance on cryptocurrency trading and payments for VASPs.