Share this article
Taiwan Welcomes New Year with Bitcoin Warning
Taiwanese regulators have issued a joint statement warning against the use of bitcoin in Taiwan.
Updated Sep 10, 2021, 12:06 p.m. Published Dec 31, 2013, 11:50 a.m.
Make us preferred on Google
The Financial Supervisory Commission of the Republic of China and the Central Bank of the ROC have issued a joint statement warning against the use of bitcoin in Taiwan. The regulators said bitcoin remains volatile, that it does not have any legal protection, and that it is not issued by a monetary authority.
The regulators noted that bitcoin trading is highly speculative and that investors should be wary of volatility, cyber attacks, malicious defaults, theft and other risks. Apart from the now more-or-less standard list of warnings and concerns, the regulators also announced that they may take “necessary steps” if financial institutions engage in bitcoin operations, reported Taipei Times.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The reference starts to make sense when we consider that SinoPac Financial Holding Co. was an early supporter of bitcoin, allowing investments in bitcoins and trying to increase its popularity and use in e-commerce.
The regulators also warned that there is no guarantee of conversion:
“Bitcoin holders are on their own, as the currency is not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion.”
The warning comes as no surprise, as similar warnings have already been issued by regulators across the world. Last month Central Bank Governor Perng Fai-nan hinted at possible regulatory moves, saying that the bank is keeping a close eye on bitcoin development. At the time he compared bitcoin transactions to deals in precious metals.
Another interesting trend emerged over the last couple of weeks and it could have motivated Taiwanese regulators to react. After the Chinese central bank clamped down on local exchanges, one Taiwanese e-tailer decided to cash in, pledging to support bitcoin transactions as of early 2014. Wayi International Digital Entertainment hoped the China ban would simply drive shoppers to its new e-commerce site. This may be a shot across the bow to other merchants who were hoping to make some quick money following the ban in mainland China.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin hash rate slides during U.S. winter storm while markets shrug off mining disruption
The temporary loss of mining power underscores academic concerns that geographic and pool concentration can magnify infrastructure failures, though markets showed little immediate reaction.
What to know:
- Bitcoin’s hashrate fell about 10 percent during a U.S. winter storm, underscoring how local power disruptions can strain the network’s capacity to process transactions.
- Researchers have shown that concentrated mining, as seen in a 2021 regional outage in China, can lead to slower block times, higher fees and broader market disruptions.
- With a few large pools now controlling most of Bitcoin’s hashrate, the network is increasingly vulnerable to localized infrastructure failures, even as the price of BTC remains largely unaffected in the short term.
Top Stories
