Chunghwa Post Terminates “Exchange Account” Transfer Service! Who Will Be Affected?

What Happened?

Chunghwa Post has stopped its agreement transfer service for deposit accounts with cryptocurrency platforms, including the cessation of accepting new agreement transfer setups and the termination of existing related setups. In the future, users will face issues such as slower transaction speeds, increased operational complexity, and potential restrictions on general transfer limits. This policy may affect market liquidity, increase uncertainty in the regulatory environment, and prompt the industry to seek alternative financial solutions.

Chunghwa Post Terminates Agreement Transfer Service for Cryptocurrency Exchange Deposits

Against the backdrop of growing divergence in global financial regulation trends, U.S. regulators are actively promoting fair treatment of cryptocurrency exchanges by banks to prevent unreasonable discrimination. However, Taiwan’s financial institutions have adopted a markedly different strategy. Chunghwa Post announced today (28th) that it will prohibit users from setting deposit accounts for cryptocurrency exchanges as agreement transfer targets. This move not only restricts the convenience of users transferring funds to and from exchanges but also highlights the regulatory challenges and conservative attitudes in Taiwan.

According to Chunghwa Post’s official statement:

1. Our company will stop accepting (including at counters and online) the setup of agreement transfer accounts that belong to “deposit accounts of virtual currency platforms,” for financial cards, online post offices (including APP), and telephone voice channels.
2. For those who have already set agreement transfer accounts that belong to “deposit accounts of virtual currency platforms” via financial cards, online post offices (including APP), and telephone voice channels, starting from May 28, 2025:
   1. We will “terminate” the setup of the original agreement transfer to “deposit accounts of virtual currency platforms,” and thus these accounts will not be displayed in the “Agreement Transfer Account List” on their respective automated platforms.
   2. We will “stop” the original agreement transfer service to “deposit accounts of virtual currency platforms.”
3. Thank you for your understanding and support, and we apologize for any inconvenience caused.

This means that from now on, users can no longer set up new “agreement transfer” accounts for cryptocurrency exchanges. As for the previously set “agreement transfer” accounts to cryptocurrency exchanges, they will also cease to provide services starting from May 28, 2025.

Conservative Regulatory Attitude Towards Cryptocurrency Poses Challenges for Industry Development

This change by Chunghwa Post signifies that users will no longer be able to quickly and conveniently transfer funds into deposit accounts of virtual currency exchanges via the “agreement transfer” feature. More importantly, as “agreement transfers” typically enjoy higher transfer limits, the cancellation of this service may also restrict users’ ability to move large amounts of funds. From the supplementary information in Chunghwa Post’s official statement, it can be seen that any deposit account associated with cryptocurrency exchanges will be affected by this adjustment, including accounts from Far Eastern, KGI, and Fubon, among others.

Although Chunghwa Post claims this decision is made “for the protection of users,” it also reflects the conservative attitude of Taiwan’s financial institutions towards the cryptocurrency industry, as well as the restrictions on innovation and development within the industry. While currently only Chunghwa Post has taken this initial step, if more banks follow suit in the future, the convenience of user deposits may decline, potentially leading to a decrease in market trading volume and affecting market liquidity. At the same time, this could increase regulatory uncertainty for the development of the cryptocurrency industry in Taiwan, impacting investor confidence.

In any case, this policy is likely to have a significant short-term impact on users’ trading habits. In the long run, it may pose certain obstacles to the development of Taiwan’s cryptocurrency industry, further highlighting the regulatory challenges and conservative attitudes faced by the cryptocurrency sector in Taiwan.