Autumn of 2021 has arrived in a blink of an eye, with the world still under this year-long pandemic. After rapid vaccinations, we’ve finally witnessed a glimmer of light. There have been many changes in the global investment market, but what’s exciting is the heated topic on cryptocurrencies and digital assets. Whether it’s news that Bitcoin hit a record high of USD 64,000 each, legal entities showing investment interests, or Coinbase’s listing on NASDAQ in the States, it shows that cryptocurrencies are becoming the mainstream in the investment market.
Since Taiwan released the STO governing regulations in July 2019 by the Financial Supervisory Commission, the cryptocurrency industry has been placing close attention on “how to properly regulate”. As known, the “Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Enterprises Handling Virtual Currency Platform or Transaction” was recently taken into effect. MaiCoin has then taken the initiative to issue an anti-money laundering prevention compliance statement to not only express willingness to comply but also demonstrate past efforts and preventions towards the matter.
Since establishing MaiCoin in 2014, I’ve always affirmed to the public and authorities that blockchain technology and cryptocurrency are not intended to eliminate any existing structures but bring alternatives, remove inefficiency, and leverage the nation’s technological advantages to gain international recognition and connection. As expected, the path to creating a better fintech environment wasn’t a smooth sail. Especially with the dynamics of the industry, and skepticism from the public, we were not favored by institutions and society initially. Fortunately, with the support of crypto enthusiasts like us, we never gave up. Despite the long battle, I am certain being on the right track with increasing optimism from the industry’s experts. MaiCoin Group has always set efficient supervision, user experience, asset security, and sustainable management as core operating principles. We’ve even taken the lead in cooperating with banks for clients’ trust properties and establishing a physical store to offer the best customer experience. Furthermore, we’ve advocated for the authorities to grant compliance and recognition, for we believe will facilitate the popularization of cryptocurrency and blockchain technology.
Being Taiwan’s largest legal digital asset trading platform, MaiCoin Group has always treated client asset security and corporate compliance with the utmost integrity. We employ blockchain technology for digital asset trading and hold firm beliefs in the importance of increasing risk-sensitivity control. Although anonymity in cryptocurrency has caused disadvantages in terms of tracking money laundering, it is not in conflict with real-name registration. Therefore, in 2018, MaiCoin Group set up the "Risk Control Law Compliance and Money Laundering Crime Prevention Department" in advance to regularly review KYC and AML regulatory processes, and design effective monitoring methods. We specifically appointed AML and KYC to handle communications between government authorities such as the Ministry of Justice Investigation Bureau, Criminal Investigation Bureau, Financial Supervisory Commission, and Ministry of Economic Affairs. Moreover, MaiCoin is the first and only company in the field to have cooperated with Deloitte and PwC to complete its KYC verification and AML health check, in hopes that it brings awareness to the other corporations. To meet the expectations of the Financial Action Task Force (FATF), MAX Exchange had adopted the Sygna Bridge compliance solution to demonstrate the “Crypto Travel Rule” monitoring. As for digital asset security, we’ve implemented a wallet management tool that requires the multi-signature developed by AMIS. All in all, MaiCoin Group has obtained up to 41 patents in regards to multi-signature wallets, smart contracts, etc. This May, AMIS’s Custody service is also certified for SOC 2 Type I and Type II Compliance which will ensure the highest level of protection for our clients’ assets.
In order to prevent exchanges from becoming tools for fraud, MaiCoin, along with the government, aims to protect client rights and reduce risks of embezzlement and impersonation. Precise laws and regulatory frameworks are indicators of the industry being valued and mainstreamed in Taiwan. With a more complete ecosystem, breakthroughs will likely occur among the collaborating exchanges and companies, which will then benefit clients with more diverse and innovative services, and create a secure crypto trading environment that allows MaiCoin Group to have sustainable growth.
In the past 18 months, MaiCoin Group has hit some worth-mentioning goals such as MAX Exchange being the top 80 exchanges on CoinMarketCap with the largest trading volume. Last year, we launched Bincentive, an investment strategy plan on MAX, and on MaiCoin, launched a cryptocurrency fixed-income securities for crypto loaning, offering more flexibility in transactions and alternative investment options. Not to mention, MaiCoin is the only digital asset platform that offers over 7,000 payment locations at two major convenience stores, HiLife and 7-Eleven. The latest function on checking NTD balance has also resulted in easier and faster payment for our clients. To give back to our frequent MAX clients, MAX has released a VIP discount program to offer the utmost care for them. And during this latter half-year, AMIS launched Qubic, an NFT digital wallet that prioritizes security and being user-friendly. Not only does Qubic support over 80 different cryptocurrencies and thousands of NFTs, but also offers credit card payments and NFT purchases on platforms including Lootex, OpenSea, Mintable, and CyptoKittes, lowering the bar to collecting NFTs. We will continue to improve platforms, assist clients, and release new products relevant to passive income.
Environmental issues and movements have always been a major concern to me. Since witnessing the shocks of this global pandemic, it has prompted me to reflect deeply upon MaiCoin’s efforts in sustainable operations and management as well as continuing to educate people on cryptocurrency and its applications. It has been crucial for the company to take action in environmental protection and healthcare. In 2020, we received funding from the Ministry of Science and Technology to hold the MaiCoin Prize, a cryptocurrency trading competition to promote API trading. And for the first time, this year we title sponsored the IRONMAN 70.3 International Triathlon, the world's first international event to accept registration using stablecoins, USDT, and issuing of NFT digital souvenirs. In the latter part of the year, the globally known gaming metaverse, The Sandbox partnered up with GBGA, Global Blockchain Game Alliance, and MAX to host its very first The Sandbox Creator’s Competition in Taiwan. With prizes worth over NTD$3 million, all players were eager to participate. Carbon emissions have also become a heated topic among the blockchain industry. Recently, the company obtained renewable energy certificates issued by the South Pole, verifying that our energy consumption had reached the carbon offset standard last year. In addition to release the green NFT launch with 愛種樹, we plan to participate in the fundraising event by GoodPoint Exchange to push forward efforts of blockchain in the spheres of public welfare. Our next step into crypto development will be the continuation of promoting NFT applications. Thus by encouraging the crypto industry, we hope to utilize our operational advantages to bridge the virtual and the real, collapsing structures to make the world a better place.
As MaiCoin officially enters its seventh year, the path to success has been our flexibility to respond effectively to challenges. I’ve always been proud of the team's adherence to our core values, and the courage to try in the manner of prudence and discipline. We will continue to strive for global networks and competitiveness for both Taiwan and MaiCoin, to become the shining star in the field of crypto. Lastly, we sincerely appreciate everyone’s support and look forward to riding the wave with all those who strive with us.
