Crypto in Taiwan

Business Money
1

I tried to open an account for crypto here in Taiwan with MaiCoin. Despite having an ARC the application was declined - apparently because I am of European nationality. I have done the same without any problem in Europe, US, Singapore and HK. Anybody having a similar experience? Anybody knows if this is this MaiCoin or Taiwan specific?

2

Taiwan’s finance industry is in the Stone Age. Don’t expect anything similar to HK or SG.

1 Like
3

I have an account with MaiCoin and successfully registered using ARC without any issues. It’s possible that the problem you encountered may be related to not providing the supplemental IDs as mentioned on the registration website

The following supplemental ID’s are accepted:

  • Universal healthcare card

  • Driver’s license

  • Passport

    • Clear photos
    • Colored photo
    • Complete information
    • Passport must be within the valid date

  • Phone bill statement (must be within 3 months)

    • The phone number appearing on the statement must be the same as the one you used to register.
    • The statement must show both the phone number and the user’s name.
    • Electronic statements are accepted.
    • It is acceptable if your service provider censors a few digits of your phone number as long as it is sufficient for MaiCoin to validate.

  • Selfie with ID

    • If you’re a citizen of Taiwan, please hold Taiwan ID.
    • If not a citizen of Taiwan, please hold ARC/passport
    • Holding a paper note that states “Only for MaiCoin registration, 20YY/MM/DD”

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Source:
https://support.maicoin.com/en/support/solutions/articles/32000016128-maicoin-identity-verification-

4

I did all you described. I even went to their office in Taipei to clarify f2f - and they repeated the claimed I was no legible.

2 Likes
5

I agree that before having a local bank account was leaning towards the same impression. And my impression remained so some months into having the account. A transfer from SG would take 1 week+ to clear etc. However since some 6 months my transfers from SG into my local account here only takes 5 minutes. Hence my impression is that, yes a lot of initial red-tape and physical papers, thereafter not too bad.

6

Maicoin and Bitopro got fined recently, perhaps they are tightening the requirements for certain nationalities:

When I signed up, only US citizens were not allowed to sign up. I signed up with Singapore number and Canadian passport from what I remember.

You can try Bitopro (they are better anyways, higher volume)

Word of caution though… TW crypto exchanges tend to audit when you withdraw large amounts (check out Maicoin’s google maps reviews). I got audited a few times by Maicoin and had to provide banking statements, passbooks, proof of income.

7

Probably a good thing so the whole industry doesn’t get tagged for money laundering.

8

I only had bad experiences with MaiCoin. Seriously bad customer service/support. In fact I’d say the worst of any company I ever dealt with.

I have been using BitoPro for several years without any issues.

9

Very interesting, similar reflections. Very useful, thanks.

10

I highly recommend Bitopro. Very reliable company in my experience. The only issue is lack of trading pairs and low liquidity but it’s a great on/off ramp for TWD.

I believe there’s a new company opening up in Taiwan, Tokenise Exchange a pretty big SG/Asian based exchange. That’s good news.

If anybody has experience with them let me know.

11

I use max.maicoin without problems. I never use the main maicoin because is more expensive than max

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12

@Brianjones I use Tokenise from SG, not sure if it works in TW. Tokenise is good and reliable n give good returns faming. :laughing:

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13

I read they are setting up their exchange in Taiwan. I will be interested to try it in future.

14

I just tried to register to Tokenise Exchange TW.
First of all, it seems no Eng version but it’s fine.
On the terms I didn’t read any limitation for certain citizens.
Sign up was OK, they immediately ask for KYC (passport+selfie) and immediately failed with no explanation. Maybe they are not ready yet for TW

1 Like
15

I’m not having trouble with initial KYC. The problem comes in when trying to use my local Taiwan debits cards. Multiple banks. Anyone know of a bank in Taiwan that’s not blocking crypto purchases?

16

I am not buying crypto for a long time so I don’t know if there is a new regulation, but before it was easier to remit or simply buying from Family Mart ATM

1 Like
17

Does BitoPro allow to register for US citizens (with APRC)
The option where you choose your citizenship missing United States of America.
There is a United States of America Outlying Islands though

18

Probably doesn’t, you can even call them they speak English, a true rarity in Taiwan !

19

I just found:
[

User Terms

6 votes 6
5. Depending on your nationality, place of residence or the laws of your location, you may not be able to use all the functions of this website. Currently, BitoPro does not accept registrations from users with Chinese, Hong Kong, Macau and American nationalities. When accessing this website and services, you should follow the rules and laws of your country of residence. If the laws of your jurisdiction or the laws applicable to you

20

[!quote] taiwannews.com.tw
Taiwan’s second-largest crypto platform BitoPro suffered a cyberattack on May 8, losing an estimated NT$345 million (US$11.5 million).
https://taiwannews.com.tw/news/6126639