How to Buy Cryptocurrency in Taiwan
Buying cryptocurrency in Taiwan
Taiwan benefits from having one of the most futuristic and advanced economies worldwide. Its main focus is on tourism, financial services, but also on tech. However, the country lives in China’s shadow, with China claiming it as its own territory, and in constant fear of falling under China’s control. On the other hand, Taiwan is currently advancing in adoption of cryptocurrency and blockchain technologies, and it’s considered a popular location for startups and hubs, meaning it's entrepreneur-friendly. At the moment, there are lots of ambiguities regarding tax regulation for virtual currencies in Taiwan. The Taiwan Financial Supervisory Commission is yet to propose any regulation regarding various coins. Nevertheless, platform service fees which are charged from sellers and buyers by platform operators are taxed as follows when it comes to business operations - transaction fees derived from income are regarded as sales of labor service and are, therefore, subject to VAT.
As of 20/03/2021
These exchanges all accept customers from Taiwan. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options