Circle Partners with BitoGroup and Taiwan FamilyMart to Expand Presence in the Market
Circle, the issuer of the USDC stablecoin, has formed a partnership with Taiwanese crypto exchange BitoGroup and Taiwan FamilyMart to enhance its market presence. The collaboration aims to launch a “points-to-crypto” service that enables users to convert their FamilyMart loyalty points into cryptocurrencies like USDC. This move is intended to empower the Taiwanese community to participate in the digital economy and support Taiwan’s embrace of digital fintech innovations. Raagulan Pathy, vice president of Asia Pacific for Circle, expressed this goal in a statement.
Taiwan FamilyMart’s Loyalty Point System
Taiwan FamilyMart, the second-largest convenience store chain in Taiwan, has long utilized a loyalty point system. A recent survey conducted by the Taiwanese think tank Market Intelligence & Consulting Institute revealed that 87% of users engage in points accumulation, and 99% of them frequently redeem their points for products.
BitoGroup’s Market Share in Taiwan
BitoGroup reported that it currently has nearly 800,000 members, accounting for approximately 90% of the market share in Taiwan.
Taiwan’s Crypto Regulation Discussion
Currently, Taiwan mandates that virtual asset services providers comply with anti-money laundering laws. The Financial Supervisory Commission introduced these regulations in July 2021. However, apart from these requirements, the crypto industry in Taiwan remains largely unregulated.
The FSC recently released guidelines for the crypto sector to develop its own self-supervisory rules through a potential industry association.
Taiwanese lawmaker Yung-Chang Chiang plans to propose a draft of a special crypto act for first reading by the end of November or earlier.
Hot Take: Circle Expands Presence in Taiwan through Partnership with BitoGroup and Taiwan FamilyMart
Circle’s collaboration with BitoGroup and Taiwan FamilyMart to launch a “points-to-crypto” service is an innovative step towards enabling the Taiwanese community to participate in the digital economy seamlessly. By converting loyalty points into cryptocurrencies like USDC, users can embrace digital fintech innovations and support Taiwan’s stance on digital advancements. This partnership also highlights the growing importance of stablecoins like USDC in facilitating mainstream adoption of cryptocurrencies.
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