TAIPEI (Taiwan News) — The operator of Taiwan's largest cryptocurrency exchange, MaiCoin Group, is reportedly weighing its options for a listing on the Nasdaq stock market in New York in the near future.
Once MaiCoin finishes its current Series C funding round, which could raise its value to around US$400 million (NT$11.39 billion), the company is eyeing a possible IPO on the U.S.-based stock market within the next couple of years, anonymous sources told Bloomberg.
About 80% of Maicoin’s revenue is generated within Taiwan, and the exchange is telling investors it expects revenues to rise by 70% per year through 2025. The leader of the local cryptocurrency ecosystem is now looking to internationalize, though, and not only through the Nasdaq, with sources saying the Series C funds will be used to expand into Southeast Asian markets.
Taiwan’s light-touch approach to regulating cryptocurrencies has set it apart from other jurisdictions in the Chinese-speaking world. While Chinese authorities have banned all cryptocurrency transactions, Singapore and Hong Kong have increased oversight with new regulatory mechanisms.
Meanwhile, Taiwan has not enacted formal legislation on cryptocurrencies, though its Financial Supervisory Commission has warned repeatedly about the risks of trading the volatile encrypted assets. The relatively lax regulatory environment has enabled MaiCoin to develop novel and highly localized ways for users in Taiwan to adopt and trade cryptocurrencies — for example by placing orders at 7-Eleven and Hi-Life convenience stores.
