Taipei Emerges as Preferred Destination for Crypto Ventures; Crypto Firm Kronos Reportedly Offers Bounty

By: Eliza Bennet

In a significant shift, Taipei is nigh to overtake Hong Kong and Singapore as the hub for crypto ventures. The venture capital firm Sora Ventures is leading this transition, choosing Taipei for its Sora Summit conference and base of operations. This strategic focus is centred on exploring unregulated tech domains, which could reformat the Asian crypto layout.

This choice over traditional favourites such as Hong Kong and Singapore is primarily due to Taipei's relaxed regulatory framework. The city’s regulatory freedom optimally suits Sora Ventures, a firm investing in innovative and often unregulated technology sectors. Underlining the city as the ideal destination for crypto startups, the venture lays stress on Taipei's conducive ecosystem for Web3 VCs and startups.

Separately, cybersecurity in the crypto space continues being a pressing concern as crypto trading firm Kronos Research reported a hack in mid-November with the perpetrator absconding with $25 million. Subsequently, a 10% bounty has been offered to the unknown hacker in a bid to reclaim the tranche.