What happened?
The 'Taiwan Virtual Asset Exchange (TWEX)' launched by Fubon Digital under Taiwan Mobile is seen by peers and associations as a new driving force in the market. Taiwan Mobile's vast user base will help popularize user education on cryptocurrencies, allowing more people to understand and engage with cryptocurrencies.
'Taiwan Virtual Asset Exchange (TWEX)' is widely believed to enhance overall market trust due to its group background (Fubon Group, Taiwan Mobile). However, the true key to competition in the market will hinge on technological capabilities, practical experience, and the strength of developing on-chain mechanisms.
The Virtual Currency Business Association of the Republic of China (VASP Association) also pointed out that Taiwan Mobile Exchange's entry symbolizes that Taiwan's cryptocurrency industry is moving towards a more rigorous financial supervision trend and indicates that Taiwan's cryptocurrency market will transition from an early stage to a more mature, professional, and compliant competitive environment.
It is encouraging to see market revitalization, popularization of user education, and enhancement of public acceptance.
Fubon Digital, a subsidiary of Taiwan Mobile, officially launched the 'Taiwan Virtual Asset Exchange (TWEX)', delivering a shock to the Taiwan cryptocurrency market. In the face of this 'giant newcomer' armed with vast resources and brand influence, existing cryptocurrency operators and associations in Taiwan generally welcome the move, but also point out the deep-seated core of market competition and future challenges.
BitoEX Exchange expressed its affirmation of Taiwan Mobile's entry into the exchange, believing that Taiwan Mobile possesses robust resources and deep experience in the telecommunications industry, showcasing high professionalism and strength in user experience, product diversity, and cybersecurity technology. This will help attract more users into the field of crypto assets.
The CEO of BitoEX, Zheng Guangtai, pointed out that Taiwan Mobile has a large user base, so the launch of the Taiwan major exchange will help popularize user education on cryptocurrencies, allowing more users to smoothly enter the field of crypto assets. This move also reflects the growing importance of the cryptocurrency industry to large enterprises and institutions, which can accelerate the industry's development.
The Virtual Currency Business Association of the Republic of China (hereinafter referred to as VASP Association) is focusing more on the overall development of the industry.
The VASP Association stated that cryptocurrencies have often been misunderstood and labeled negatively in the past, leading to high educational costs. They hope that the addition of new members like the Taiwan Mobile Exchange can establish the public's correct understanding and acceptance of cryptocurrencies, thereby enhancing the overall industry's healthy ecosystem and moving towards mutual prosperity.
The association's chief advisor, Cai Yuling, echoed that the recent dynamics and adjustments of VASP operators reflect the industry's trend towards more rigorous financial supervision. Although some operators have chosen to exit due to regulatory costs, new participants have also been attracted to see market potential and actively enter.
The key to future competition lies in 'flexible application of assets' and 'risk control'.
While welcoming Taiwan Mobile's entry, MaiCoin Exchange also pointed out that this will bring new competitive vitality to the market, allowing more people to pay attention to the daily applications and investment experiences of cryptocurrencies.
MaiCoin emphasizes that for users, the main concern remains the cryptocurrencies they buy or hold and whether they can create greater value in the future. Therefore, they believe that the true competitive key in the market is not just cost or interface optimization, but whether it can provide a product structure for flexible asset application, especially the development of derivative products, which is the core of promoting industry deepening and capital flow.
In the face of exchanges entering the market with large corporate backgrounds, MaiCoin acknowledges that this helps boost overall investor confidence, but they also point out that the real test of confidence in the platform will depend on whether each operator can construct a complete, transparent, and flexible clearing system and risk control mechanism.
MaiCoin also noted that whether the exchange has the technical capability and practical experience will become crucial for user trust and effective risk management. Cryptocurrency exchanges that have experienced multiple market cycles and developed on-chain mechanisms will have a more obvious advantage. This also means that while large capital enters the market, deep industry experience and technical strength remain indispensable competitiveness.
The Taiwan cryptocurrency industry holds a cautiously optimistic attitude towards Taiwan Mobile Exchange's entry. While looking forward to its ability to invigorate the market and enhance public trust, it also reminds the industry that development ultimately needs to return to core product innovation, cybersecurity protection, and rigorous risk management capabilities.
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