BitoEX has added support for the Shiba Inu cryptocurrency
BitoEX, the leading cryptocurrency exchange in Taiwan, announced that Shiba Inu (SHIB) is now available for trading on its platform.
Deposits and withdrawals for the red-hot meme token were enabled earlier this week.
BitoEX was launched in 2014, becoming one of the island’s early pioneers in crypto.
In 2014, it joined forces with East Asian convenience store operator FamilyMart to enable Bitcoin payments via digital kiosks.
In May 2018, the exchange held an Initial Coin Offering (ICO), raising $ 10 million in minutes.
Together with MaiCoin, which also announced support for Shiba Inu in early December, BitoEX controls the lion’s share of the crypto exchange market in Taiwan.
Earlier this week, like
Regulatory ambiguity
Earlier this year, several cryptocurrency exchanges went out of business in Taiwan due to stringent anti-money laundering (AML) requirements that took effect in early July.
Last month, Taiwanese crypto businesses were recognized as “virtual currency platforms and trading businesses.” The Financial Supervisory Commission (FSC) was also given the authority to supervise the market.
Still, there isn’t a complete set of regulations for cryptocurrency assets in the country, which is a deterrent for local businesses.
Despite regulatory ambiguity, Taiwan has a vibrant cryptocurrency community that is estimated to reach 2 million people (or about a tenth of the country’s population).
