Taiwan

Perseverance in Taiwanese Blockchain despite downturn in the Domestic Industry

The Financial Supervisory Committee (FSC) has announced that it will allocate resources to the Taiwanese blockchain industry in order to nurture the development of domestic technologies, whilst also publishing its first draft of security token offering (STO) regulations.

Despite the steep decline of crypto currency prices in the first half of 2019, there has been a subsequent promising upturn in the local market, according to an article by E27. Many of the new players in the industry have ‘weathered the storm,’ and the industry leaders, such as MaiCoin, BitoEX, and OwlTing, have begun to branch out into new user solutions.

This coincides with the rapidly increasing prevalence of offerings surrounding exchanges. Some exchange operators are attempting to build trust in their offerings through face-to-face interaction, attempting to negate fears of security and privacy breaches, such as hacks.

Other companies have attempted to diversity their technology into infrastructure. BitoEX, for example, is acting on plans to build a blockchain-based system. This will allow the tracking and storage of data relating to any SME’s supply chain finances.

Therefore, whilst the recent market climate has caused a reduction in the number of active FinTech and blockchain products, the promise of the current projects presents a dramatic opportunity, combined with the increasing security through regulation and support provided by the FSC, the future of the Taiwanese blockchain industry is full of potential.