The chairman of Taiwan’s Financial Supervisory Commission Huang Tien-mu has confirmed that Taiwan will soon get special legislation to regulate the crypto space in the country. Huang confirmed this to lawmakers during a hearing about global banking stability in parliament. The revelation comes as the presale of the new blockchain-based metaverse platform Metacade entered its seventh stage.
Taiwan has two financial regulators: the Central Bank of the Republic of China and the Financial Supervisory Commission (FSC), and Bloomberg recently reported that the FSC was poised to be the one tasked with regulating crypto in the country. Some Taiwanese parliament members had recommended the newly-established Ministry of Digital Affairs (MODA) to be the main crypto regulator. Others however said that the new ministry is relatively inexperienced compared to the FSC.
Taiwan’s special crypto regulation puts Taiwan in the League of Nations working to introduce crypto legislation to regulate the largely unregulated industry. The regulation makes it easy for existing and new crypto projects like Metacade to thrive.
What is Metacade and why has it become so popular?
Metacade is a new blockchain-based metaverse platform that aims to become the biggest arcade gaming platform offering the most exciting crypto-gaming P2E games. The project is currently in the second last stage of its native token, MCADE, presale.
According to the Metacade whitepaper, the Metacade presale is scheduled for conclusion before the end of Q1, 2023 and going by the rate at which the stages are selling out, it is just a matter of days until the presale completely sells out. According to data on Metacade’s website, only 10 days of the presale remain.
In fact, just 3.11% of the total MCADE tokens set aside for the presale remain to be claimed which makes the case that demand for the token is higher than supply. You can participate in the presale here.
MCADE token is built on Ethereum making it an ERC-20 token, which means that investors can purchase the token via a low-cost, secured blockchain.
Metacade may be a good opportunity given the new regulations
When China, which once harbored the majority of crypto activities including over 50% of crypto mining activities, clamped down on cryptocurrencies forcing crypto firms to shut down, a good number of crypto projects relocated to Taiwan.
With the Financial Supervisory Commission (FSC) taking over the crypto regulation mandate in Taiwan, the country could soon become a crypto hub in Asia where several metaverse projects including The Sandbox (Hong Kong), Zepeto (South Korea), Axie Infinity (Singapore), and Enjin (Singapore) are domiciled. The country is also likely to attract new upcoming projects like Metacade, whose growing popularity among crypto investors and GameFi developers and players has gone through the roof.
Metacade to allow developers get funding for GameFi projects
In addition to offering investors an investment opportunity through its MCADE token, Metacade also has an upcoming Metagrants program that is scheduled to launch in Q3 2023. Through the Metagrants program, developers within the Metacade community will be able to get funding to support their projects’ development.
Developers will submit applications to a pool of investors in the MCADE community and the investors will vote on the projects to support.
In general, Metacade is expected to constantly evolve as developers flood the platform with exclusive play-to-earn (P2E) games. The platform also aims at transitioning to a fully-fledged decentralized organization (DAO) by Q4 2024 to allow for a fully community-led approach.
Meanwhile, the arcade game platform continues to gain popularity as its presale nears its final stage after which the MCADE token is expected to be listed on Uniswap decentralized exchange among other crypto exchanges.