Circle, the issuer of the USDC +0.43% stablecoin, has partnered with Taiwanese crypto exchange BitoGroup and Taiwan FamilyMart to expand its presence in the market.
Circle said today in a statement that the trio is launching a “points-to-crypto” service to allow users to convert their FamilyMart loyalty points into cryptocurrencies such as USDC. “With the introduction of USDC in the enhanced ‘Points-to-Crypto’ service, we aim to empower the Taiwanese community to participate in the digital economy seamlessly and support Taiwan’s stance in embracing digital fintech innovations,” Raagulan Pathy, vice president of Asia Pacific for Circle, said in the statement.
FamilyMart, the second-largest convenience store chain in Taiwan, has long adopted a loyalty point system. A survey conducted in 2021 by the Taiwanese think tank Market Intelligence & Consulting Institute showed that 87% of users engaged in points accumulation, and 99% of them used the points often for product redemptions.
BitoGroup also stated that it currently has nearly 800,000 members, taking up close to 90% of the market share in Taiwan.
Taiwan in discussion for crypto regulation
Currently, Taiwan has required virtual asset services providers to comply with anti-money laundering laws since the Financial Supervisory Commission introduced anti-money laundering rules in July 2021. Otherwise, the crypto industry remains largely unregulated.
The FSC in September released a set of guidelines for the crypto sector to form its own self-supervisory rules through a potential industry association.
Additionally, Yung-Chang Chiang, a Taiwanese lawmaker, told The Block earlier this month that he hopes to officially propose the draft of a special crypto act for first reading by the end of November, if not sooner.
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