Best Crypto Exchanges in Taiwan
Discover the top picks for the best crypto exchanges in Taiwan, coupled with crucial information on compliance and tax implications.
Summary: In Taiwan, the preferred method for investing in Bitcoin and other digital currencies is using platforms that comply with the guidelines set by the Financial Supervisory Commission of Taiwan. These sanctioned exchanges enable the deposit of funds in Taiwan Dollars (TWD) using local bank transfers, JKOPAY, and credit or debit cards.
To support you in making well-informed decisions in the cryptocurrency market, we've examined and selected the top 5 exchanges available to those living in Taiwan. These platforms have been identified as the most reliable options for investors in the market.
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Best Cryptocurrency Exchange Taiwan
Following an extensive evaluation of over 20 exchanges, we have pinpointed the top five that are ideally suited for investors in Taiwan. Our analysis considered aspects such as adherence to the regulations of the Financial Supervisory Commission of Taiwan, the diversity of cryptocurrencies available, user-friendliness, options for depositing Taiwan Dollars (TWD), and the fee structure. For investors in Taiwan seeking an exchange that aligns with their cryptocurrency objectives, our comprehensive list below offers valuable insights.
1. Bybit
In Taiwan, Bybit has established itself as the premier cryptocurrency exchange, tailored to meet the unique needs of the market. This platform stands out with its comprehensive offering of over 1,000 digital assets, regulatory compliance and seamless TWD deposits, affirming its status as a trustworthy and efficient choice for local investors. Bybit’s intuitive interface supports features like cryptocurrency staking and lending, catering to diverse investment approaches.
What sets Bybit apart in Taiwan is its expansive range of cryptocurrencies and perpetual contract options. These offer up to 25x leverage and robust liquidity, demonstrating Bybit's commitment to providing a multifaceted investment platform. With competitive fees - a maker fee of just 0.01% and a taker fee of 0.06% - and a user base exceeding 10 million, Bybit proves its expertise and reliability in addressing the preferences of Taiwanese crypto enthusiasts.
- Fees: Maker fee of 0.01% and a taker fee of 0.06% at Bybit.
- Supported Cryptocurrencies: Offers an extensive selection of over 1,000 digital assets.
- Regulation & Licensing: Secured licenses from tier-1 financial markets authorities and is available in Taiwan.
- TWD Deposit Methods: Includes local bank transfers, credit/debit card options, and various electronic payment methods.
2. OKX
Its comprehensive range of trading options distinguishes ranking as the second-best choice for Taiwanese investors, OKX. With an extensive portfolio of over 300 crypto assets, OKX offers more than standard spot trading; it's a preferred platform for futures, options, and margin trading. The OKX Wallet, integral to the platform, is a boon for those delving into decentralized finance (DeFi), enabling connections with leading protocols like AAVE and Uniswap for potentially high yields.
While based in Seychelles and adhering to its local regulations, OKX is fully accessible and increasingly popular in Taiwan. It's specifically designed to cater to the requirements of institutional traders and DeFi aficionados, boasting strong API functionalities and web3 protocol compatibility.
- Fees: OKX has a competitive fee structure with a 0.1% maker fee and a 0.2% taker fee, alongside a standard 0.1% fee for spot trading.
- Supported Cryptocurrencies: The platform hosts over 300 digital assets, including futures and leveraged trading options.
- Regulation & Licensing: Headquartered in Seychelles, OKX complies with Taiwan’s financial regulations, making it a secure choice for Taiwanese users.
- TWD Deposit Methods: OKX supports local bank transfers, Alipay, EasyPay and debit and credit card transactions.
3. Binance
Securing the third spot for Taiwanese investors is Binance, renowned for its vast ecosystem and impressive global user base of over 150 million. Binance's range of services goes beyond typical spot and futures trading, introducing features like Binance Earn, which allows users to earn yields on over 180 cryptocurrencies. This aspect particularly appeals to those looking to expand their portfolios and establish passive income streams.
While Binance strives to comply with international financial standards, it's important to note that the platform has encountered regulatory challenges in various regions. Taiwanese investors should consider this when considering the platform's adherence to local compliance norms. Binance's attractiveness is further enhanced by its support for institutional investors with complex trading products like crypto options with deep liquidity.
- Fees: Binance imposes a 0.1% fee for spot trading and 0.06% for derivatives.
- Supported Assets: The platform boasts a broad spectrum of over 350 cryptocurrencies.
- Regulation & Licensing: Binance, while not directly regulated in Taiwan, remains accessible and popular among Taiwanese investors.
- TWD Deposit Methods: Offers multiple deposit options suitable for Taiwanese users, including local bank transfers, Alipay, WeChat Pay, JKOPay and credit cards.
4. MaiCoin Max
MaiCoin Max Exchange, a pioneering Taiwanese crypto exchange established in 2014 by Stanford University alumnus Alex Liu, ranks fourth for Taiwanese investors. Recognized as the first government-licensed cryptocurrency exchange in Taiwan, MaiCoin Max offers diverse trading options, including spot and margin trading, across more than 30 crypto assets. Prioritizing user security, the platform integrates advanced measures like multi-factor authentication and biometric verification.
As part of the esteemed MaiCoin Group, the largest blockchain technology company in Taiwan, MaiCoin Max is at the forefront of promoting blockchain technology and cryptocurrency applications, ensuring safe and diverse digital asset options. The platform’s compliance with the Financial Supervisory Commission's Money Laundering Prevention Law in 2021 exemplifies its commitment to regulatory adherence and security.
- Fees: MaiCoin Max offers competitive fee rates ranging from a maker fee of 0.050% to 0.035% and a taker fee of 0.150% to 0.105%.
- Supported Cryptocurrencies: The platform provides access to over 30 digital assets, catering to various investment preferences.
- Regulation & Licensing: As the first government-licensed crypto exchange in Taiwan, MaiCoin Max assures a high level of regulatory compliance and security.
- TWD Deposit Methods: Bank transfers only.
5. KuCoin
Rounding out our top five for Taiwanese crypto investors is KuCoin, a platform renowned for its global presence and extensive offerings. Boasting a daily trading volume often exceeding $5 billion and a diverse user community spread across over 200 countries, KuCoin is a key player in the cryptocurrency world. It offers an impressive array of over 700 cryptocurrencies, making it a comprehensive hub for well-established and emerging digital assets.
KuCoin places a strong emphasis on security, utilizing advanced measures like Proof of Reserves (PoR) to ensure a secure trading environment. The platform’s appeal extends beyond security, featuring a wide range of trading options and the innovative Halo Wallet. With 24/7 customer support and a global user base 29 million, KuCoin is committed to customer satisfaction and fostering a robust community.
- Fees: KuCoin offers competitive fees, with a 0.1% charge for spot trading and 0.02%/0.06% maker/taker fees for derivatives trading.
- Supported Cryptocurrencies: The platform hosts an extensive selection of over 700 cryptocurrencies, including staking options for more than 100.
- Regulation & Licensing: While KuCoin is not directly regulated in Taiwan, it is widely accessible and popular among Taiwanese traders.
- TWD Deposit Methods: Includes bank transfers, digital wallets, and debit and credit card transactions.
Is Crypto Regulated in Taiwan?
As of the current state of regulation in Taiwan, investors can buy and sell digital assets, although the sector is minimally regulated. The Taiwanese government has initiated formalizing cryptocurrency regulation by introducing a new crypto bill in the Legislative Yuan, which has passed its first reading. This bill, once enacted, would require cryptocurrency platforms in Taiwan to obtain a permit, ensuring a regulated and secure environment for digital asset transactions.
Currently, the cryptocurrency industry in Taiwan operates under limited regulation, primarily adhering to anti-money laundering laws established by the Financial Supervisory Commission in July 2021. The proposed legislation is set to define virtual assets more clearly, establish operational standards for asset operators, and enhance customer protection.
While the precise timeline for further readings and enactment of the bill remains uncertain, the existing framework allows for the buying and selling digital assets, with the future regulatory landscape expected to bring more comprehensive oversight and security to the sector.
Is Crypto Taxed in Taiwan?
In Taiwan, cryptocurrency transactions fall under the tax regulations of the National Taxation Bureau of Taipei, following general tax laws. The trading of digital currencies incurs a 5% business tax or VAT. This tax applies to local entities and individuals, exempting individuals whose monthly sales do not exceed NT$40,000. For foreign entities without a physical presence in Taiwan, this VAT is applicable when transactions involve Taiwanese customers above the specified sales threshold.
Regarding income tax, earnings from cryptocurrency trading are treated as taxable income. Taiwanese residents must report these earnings as part of their total taxable income, potentially facing a tax rate of up to 40%. Foreign entities in Taiwan are subject to a 20% income tax on their cryptocurrency trading profits. Compliance with these regulations is crucial for all participants in the cryptocurrency market.
Bottom Line
In conclusion, our extensive review of cryptocurrency exchanges in Taiwan offers insightful guidance for investors navigating this dynamic market. By considering key factors like regulatory compliance, diversity of assets, user experience, and fee structures, we've curated a list that prioritizes reliability and suitability for Taiwanese investors.
Whether you're drawn to Bybit for its expansive asset range and robust security or intrigued by the unique offerings of OKX, Binance, MaiCoin Max, and KuCoin, each platform presents distinct advantages. As the Taiwanese government progresses towards more defined cryptocurrency regulations, these exchanges are reliable gateways for engaging with digital currencies, ensuring a blend of security, and compliance for a rewarding investment experience.
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