Circle partners with Taiwan’s BitoGroup and FamilyMart to expand presence

Quick Take

  • The USDC issuer said that the trio is launching a service to allow customers to redeem their FamilyMart loyalty points for cryptocurrencies like USDC.

Circle, the issuer of the USDC -0.03% 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


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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.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


About Author

Timmy Shen is an Asia reporter for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.