Shiba Inu Goes Live on Taiwan’s Leading Crypto Exchange

Taiwan’s leading crypto exchange, BitoEX, has announced its Shiba Inu launch for crypto trading on the exchange platform. The Shiba Inu token is a decentralized cryptocurrency created in 2020 and has taken over the crypto market, starting out as a meme.

All crypto deposits or withdrawals made in red-hot SHIB meme tokens were initiated by BitoEX this week. The company was first launched back in 2014, but now it has become one of the first-grade cryptocurrency exchange platforms in Taiwan due to its excellent service.

BitoEX joined hands with FamilyMart, a convenience store operator in East Asia, in 2014 to allow Bitcoin payments through digital kiosks.

May 2018 marked the exchange’s ICO (initial coin offering) that raised around $10 million in just a few minutes.

Maicoin, a company that has also announced its Shiba Inu launch early this December, has control over the lion’s share of the cryptocurrency exchange industry in Taiwan alongside BitoEX.

U.Today, reported this week that SHIB was listed by another large exchange, Bit2Me, in Spain.

Regulation ambiguity

Many crypto exchanges closed down in Taiwan owing to AML or anti-money laundering requirements that were brought about in July.

In November, many crypto businesses in Taiwan were counted as trading businesses and digital currency platforms. FSC or the Financial Supervisory Commission was granted the sole authority to monitor and regulate the crypto market. However, there is still no comprehensive basket of regulations for crypto assets in Taiwan that can deter local businesses.

Regardless of this regulatory ambiguity, the country still has an ever-growing and active crypto community that consists of about 2 million users, which is around one-tenth of Taiwan’s population.