Best Crypto Exchanges in Taiwan
Learn about Taiwan's 5 best cryptocurrency exchanges with our expert analysis on their fees, features, and regulatory adherence.
Summary: Taiwan is rapidly advancing as a major hub for cryptocurrency in Asia, bolstered by supportive guidance from the Financial Supervisory Commission (FSC) of Taiwan. The regulatory framework provided by the FSC governs and ensures the reliability of crypto exchanges operating in the country. Taiwanese traders have the convenience of funding their accounts using TWD through methods like bank transfers, credit cards, and Line Pay.
Taiwanese investors new to digital currency trading can refer to this list of the 5 best cryptocurrency exchanges in the country to find their preferred option:
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Best Cryptocurrency Exchange Taiwan
Following an extensive evaluation of 21 digital currency exchanges available in Taiwan, we have identified the top choices for local investors. Our selection was based on adherence to regulations set by the Financial Supervisory Commission (FSC). We also considered the variety of cryptocurrencies offered, pricing models, New Taiwan Dollars (TWD) payment options, and the features each platform provides. This comparison of the 5 best options for Taiwanese investors offers a clear view of what they bring to the table.
1. Bybit
Bybit has established itself as the leading cryptocurrency exchange in Taiwan with a user base exceeding 28 million and interface available in Taiwainese and Mandarin. This platform has a comprehensive offering of over 1,100 digital assets, regulatory compliance and easy TWD deposits, affirming its status as a trustworthy choice for local investors. Bybit supports features like cryptocurrency staking, borrowing 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 100x leverage and robust liquidity, demonstrating its commitment to providing a multifaceted investment platform. With a maker fee of just 0.02% and a taker fee of 0.055% for futures markets, it gives users access to derivatives with low investment fees. It is also one of the only exchanges that has regularly updated 1:1 proof-of-reserves.
- Fees: Maker fee of 0.02% and a taker fee of 0.055% for futures trading or 0.1% for spot markets.
- Supported Cryptocurrencies: Over 1,100 digital assets.
- Regulation & Licensing: Secured licenses from tier-1 financial markets authorities and is available in Taiwan.
- TWD Deposit Methods: Local bank transfers, credit cards, debit cards, Line Pay, Apple Pay, Google Pay, and more.
2. Gate.io
Gate.io is one of the most popular cryptocurrency exchanges globally and is becoming increasingly popular among Taiwanese investors. This platform sets itself apart with an expansive selection of over 1,700 cryptocurrencies, enabling users to broaden their investment strategies with choices from stablecoins to various altcoins. It handles more than $5 billion in daily trading volume and supports a thriving user base of over 14 million users.
It enriches the trading experience by offering specialized features like trading bots, copy trading services, and leverage options that reach up to 100x in futures and options markets. Beyond trading, the platform is equipped with an NFT marketplace, a crypto debit card, Dollar-Cost Averaging (DCA) investing, staking services, crypto loans, a feature supporting new crypto businesses, and auctions for parachain slots.
- Fees: The platform charges 0.1% for maker orders and 0.2% for taker orders.
- Supported Cryptocurrencies: Offers over 1,700 digital assets.
- Regulation & Licensing: While based in Seychelles and operating internationally, it ensures wide accessibility without specific Taiwanese licensing.
- TWD Deposit Methods: Local bank transfers and credit card options.
3. Binance
Binance is known for its vast ecosystem and impressive global user base of over 190 million. Its range of services goes beyond typical spot and futures trading with up to 50x leverage on select contracts, introducing features like Binance Earn, which allows users to earn yields on over 180 cryptocurrencies. Additional offerings include a native blockchain and wallet, an NFT marketplace, lending and borrowing services and a Binance crypto card.
While it 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: 0.1% fee for spot trading and a maker/taker rebate of 0.01% and 0.06% for derivatives.
- Supported Cryptocurrencies: Supports 350 cryptocurrencies.
- Regulation & Licensing: While not directly regulated in Taiwan, remains accessible and popular among Taiwanese investors.
- TWD Deposit Methods: Bank transfers, Alipay, WeChat Pay, JKOPay and credit cards.
4. MaiCoin Max
MaiCoin Max is the most popular Taiwanese cryptocurrency trading platform established in 2014 by Stanford University alumnus Alex Liu. Recognized as the first government-licensed exchange in Taiwan, it offers diverse trading options, including spot and margin, across more than 30 crypto assets. Prioritizing user security, it 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 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: A maker fee of 0.05% to 0.035% and a taker fee of 0.15% to 0.105%.
- Supported Cryptocurrencies: 30 digital assets.
- 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
KuCoin is a platform known for its global presence and extensive offerings. Boasting a daily trading volume often exceeding $5 billion and a diverse user community of 30 million spread across over 200 countries, it is a key player in the crypto world. It offers an impressive collection of over 700 cryptocurrencies to buy, sell and trade on spot, futures and options markets with leverage options up to 100x supported.
The exchange places a strong emphasis on security, utilizing advanced measures like Proof of Reserves (PoR) to ensure a ssafe and compliant trading environment. Its appeal extends beyond security, featuring a wide range of features, such as a native blockchain network, KCC Chain, staking options, crypto loans, trading bots and copy trading services. With 24/7 customer support in Mandarin and English, KuCoin is committed to customer satisfaction.
- Fees: 0.1% charge for spot trading and 0.02% for maker and 0.06% taker fees for derivatives trading.
- Supported Cryptocurrencies: More than 700 cryptocurrencies.
- Regulation & Licensing: While KuCoin is not directly regulated in Taiwan, it is widely accessible and popular among Taiwanese traders.
- TWD Deposit Methods: Bnk transfers, digital wallets, and debit and credit card transactions.
Is Crypto Regulated in Taiwan?
The current regulatory framework for cryptocurrencies is fairly basic in Taiwan, allowing investors to buy and sell digital assets with minimal oversight. However, changes are on the horizon. The Taiwanese government is taking steps to enhance regulation by advancing a new cryptocurrency bill in the Legislative Yuan, which has already cleared its initial hurdle by passing the first reading.
Once this bill becomes law, it will mandate that all cryptocurrency platforms in Taiwan secure a permit, thus fostering a safer and more regulated environment for digital asset transactions. As of now, the only significant regulation in place comes from anti-money laundering measures set by the Financial Supervisory Commission in July 2021.
The upcoming legislation aims to bring clarity to the definition of digital assets, set operational standards for asset operators, and improve protections for customers. Although the timeline for the bill's subsequent readings and final approval is still unclear, the existing regulations do allow the continued buying and selling of digital currencies. Looking ahead, the anticipated regulations are expected to provide stronger oversight and enhanced security for Taiwan’s crypto industry.
Is Crypto Taxed in Taiwan?
In Taiwan, the taxation of cryptocurrency transactions is governed by the National Taxation Bureau of Taipei, which adheres to the established tax laws. When trading digital currencies, a 5% business tax, or VAT, is applied. This tax affects both local individuals and entities, except for individuals whose monthly sales are under NT$40,000. For foreign companies without a physical presence in Taiwan, the 5% VAT still applies if their transactions with Taiwanese customers exceed this sales threshold.
Income from cryptocurrency trading is considered taxable income in Taiwan. Residents must include these earnings in their total taxable income, which could be taxed at rates as high as 40%. Foreign entities profit from crypto trading in Taiwan face a flat 20% income tax on these earnings. It's essential for everyone involved in the digital asset market in Taiwan to comply with these tax regulations.
Bottom Line
In conclusion, Taiwan is establishing itself as hub for cryptocurrency trading in Asia, powered by the solid regulatory framework of the Financial Supervisory Commission. Our detailed analysis of the top 5 exchanges, Bybit, Gate.io, Binance, MaiCoin Max, and KuCoin highlights each platform’s unique strengths, from extensive crypto selections and competitive fees to specialized trading features and strong compliance with local regulations.
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