Amidst the rapid evolution of crypto assets and changes in international regulatory trends, Taiwan's virtual asset industry stands at a critical turning point for institutionalization. The (2025 Great Future of Virtual Assets - Derivative Product Regulatory Policy Forum) hosted by the Bitcoin and Virtual Asset Development Association concluded successfully today, with representatives from the Financial Supervisory Commission, legislators, three major industry associations, and invited businesses like MaiCoin, BitoPro, Liminal Custody, and HOYABIT, along with scholars from the Cathay Financial Management Institute, to jointly discuss key topics such as derivative products, Bitcoin ETFs, stablecoins, and asset accounting recognition, paving the way for the next steps in Taiwan's virtual asset industry.
Deputy Chairman of the Financial Supervisory Commission Chen Yanliang pointed out in his opening speech that virtual assets have gradually become a part of the financial system. The Financial Supervisory Commission has a four-phase plan from anti-money laundering, self-regulatory associations, registration systems, to future special laws. Deputy Chairman Chen emphasized that future special laws should not become tools for excessive regulation but should maintain openness and flexibility to promote industry innovation and development. He also revealed that the Financial Supervisory Commission has assisted six financial holding banks in trialing virtual asset custody and hopes to open up more diverse product forms in the future, including bank deposit tokens and stablecoins, while expressing that Taiwan should seize international trends and future competitive opportunities.
Legislator Ge Rujun emphasized that Taiwan has global competitiveness in cryptography and cybersecurity technology and should play an active role in the digital asset wave. He urged the competent authorities to quickly allow professional investors to participate in offshore Bitcoin ETFs and to promote the issuance of local digital asset ETFs to avoid Taiwan being excluded from the global market.
Legislator Huang Shanshan also stated that the current draft of the special law by the Financial Supervisory Commission has not clearly included regulations for derivative products. We should face the market demand and financial thinking, and complement the supporting systems such as financial advertising, KOL qualifications, and accounting recognition, to create a more comprehensive regulatory framework, while emphasizing that blockchain and virtual assets are one of the blueprints for the future.
At the same time, Zhang Senxiong, representing the Virtual Currency Business Association, took the stage, pointing out that the system should "first seek to have it, then seek to improve it," and believes that the virtual asset market has immense potential, but needs more space provided by regulation. Lawyer Lin Hongyu (Vice Chairman of the Digital Economy and Financial Technology Committee of the National Bar Association) stated that lawyers and accountants are key to building a trust system, and industry development cannot be separated from compliance with laws and trust-building, which will be strengthened through professional talent cultivation by the association. Accountant Wang Shufen (Director of the Taiwan Provincial Association of Accountants) reminded that without unified accounting and auditing standards, the consistency of financial reports and investor trust would be affected, and the government should plan related support simultaneously, as accountants will play an important role in building trust in the future.
Among them, the discussion titled "Dual Currency ETF? The Possibility and Supporting Measures for Issuing Virtual Asset ETF Products in Taiwan" was chaired by Lin Hongyu, Honorary Chairman of the Bitcoin and Virtual Asset Development Association. Zheng Licheng, Chief Investment Officer of Cathay Securities Investment Trust, pointed out that the total scale of global cryptocurrency ETFs has reached 168.8 billion US dollars, reflecting the market's demand for hedging against the depreciation of the US dollar and asset allocation. Dai Songzhi, Deputy General Manager of Far Eastern International Bank's AI Digital Finance Business Group, analyzed three opportunities for virtual asset custody from a banking perspective: partner trust, infrastructure, and customer service, along with three challenges: unclear regulatory details, talent gaps in technology, and internal market trust. Guo Ziyin, Sales Director of Liminal Custody Taiwan, shared that the key to the SEC's approval of Bitcoin spot ETFs in the United States lies in independent third-party compliant custodians, and hopes to bring international experience to Taiwan with Liminal Custody to jointly establish custodial standards and processes that comply with Taiwanese regulations. Lin Mengxiang, Associate Professor and Director of the School of Financial Technology at Ming Chuan University, suggested that virtual asset operators could collaborate with financial institutions through "sandbox pilot" or "cross-industry cooperation" mechanisms to welcome new developments in derivative products.
During the forum titled [Navigating New Frontiers in Regulation: Decoding the Hong Kong VASP Framework], Joe Pan (Editor and Producer at Blockwind News) led Long Shunheng (CEO and Co-founder of PQA Labs) to share the Hong Kong government's regulatory strategies and steps regarding Web3, and shared a unique path derived from industry suggestions, emphasizing communication, pilot programs, and exploration under the spirit of managing similar risks in similar ways, and called for virtual asset operators to have greater patience in communicating with the government.
During the forum, industry representatives also suggested learning from international experiences, such as the dual-track regulatory model in the United States (GENIUS Act), and trialing fiat-valued Bitcoin ETFs in Taiwan. Participants unanimously agreed that derivative products (such as issuing stablecoins) not only promote the development of digital sovereignty but are also a touchstone for whether Taiwan's virtual assets can compete in the international financial arena. The forum ultimately reached a consensus across various sectors: it is necessary to establish an inclusive and forward-looking legal framework for virtual asset derivative products, such as Bitcoin ETFs and New Taiwan Dollar stablecoins, ensuring that Taiwan does not miss out on the next wave of the digital economy.
"The Great Future of Virtual Assets: The Financial Supervisory Commission, Legislators, and Experts Jointly Outline the Blueprint for Virtual Asset Derivative Products" was originally published in (Blockcast).
