Binance CEO's frequent visits to Taiwan reflect a deep connection, optimistic about Taiwan's technology and talent advantages.
The Bitcoin and Virtual Assets Development Association, in collaboration with the world's largest exchange Binance, co-hosted an international industry summit today (9th), where Binance CEO Chang Wei-Cheng also personally attended to show support.
During the discussion session, Chang Wei-Cheng revealed that this is his tenth visit to Taiwan, and he feels a deep affection for this land. He recalled his experience serving in the military in Taiwan over thirty years ago, stating that Taiwan is a 'very warm place with many delicious places that are also great.'
During this visit to Taiwan, in addition to attending the summit, Chang Wei-Cheng also celebrated Binance's eighth anniversary with colleagues from the Binance Taiwan community and communicated with several Taiwanese government officials and regulators to discuss how to create a healthier environment for the virtual asset and cryptocurrency industry.
Chang Wei-Cheng emphasized that Taiwan has a significant advantage in high-tech talent and is at the forefront in the fields of AI and blockchain.
He believes that the first wave of cryptocurrency investors is often linked to high technology, and these high-tech talents are also valuable assets for the industry, which gives Taiwan a 'very large advantage' in developing the virtual asset industry.
Binance looks forward to continuing cooperation with Taiwan to jointly create a complete and vibrant cryptocurrency ecosystem, bringing more value to Taiwan's economy.
Perspective of a former financial regulator: The impact of U.S. policy changes is far-reaching.
Regarding the recent significant shift in U.S. government policy on cryptocurrencies, Chang Wei-Cheng pointed out that U.S. President Trump has had a 'very large' impact on cryptocurrencies, being 'visionary and very strategic', viewing AI and blockchain as foundational characteristics for various industries over the next five to ten years, and hopes to make the U.S. a global center for AI, cryptocurrency, and blockchain.
He believes that as the largest economy and capital market in the world, when the U.S. views blockchain and cryptocurrencies as 'strategic reserves', this represents a huge shift in the global 'perception' and 'investment sentiment' towards cryptocurrencies.
However, Chang Wei-Cheng believes that the past U.S. government's approach of 'exploring regulation through enforcement' is 'the worst regulatory method', as it not only wastes time and resources but also hinders industry development.
He welcomes the clearer regulations currently provided by the U.S. in terms of regulation, such as the introduction of related bills like the Genius Act, which will have a more positive impact on global cryptocurrency regulation.
He emphasized that cryptocurrencies, as a special asset, have a development model that is vastly different from traditional finance. Traditional assets usually start with institutional investors and gradually expand to retail investors; however, the development of cryptocurrencies begins with the trust and adoption of retail investors at the grassroots level, gradually converging into an undeniable force.
The early participation of retail investors and enthusiasm for blockchain technology have laid a solid foundation for this emerging market. Now, as regulations gradually become clear, and large institutions see the potential of cryptocurrencies, they are beginning to enter the market in large numbers. This not only brings a large amount of capital to the market but also represents that cryptocurrencies will integrate more quickly into the existing traditional financial system.
The Asian market is thriving, and Taiwan can learn from 'smart regulation'.
In terms of the Asian market, Chang Wei-Cheng noted that the adoption rate of cryptocurrencies in Asia is 'very high and very fast', with places like Japan, Singapore, Hong Kong, Thailand, Indonesia, and South Korea actively supporting the innovation and application of cryptocurrencies.
He shared Binance's experience of being regulated in 22 regions globally and expressed that Binance is willing to share experiences with governments around the world to help build a 'smart regulatory mechanism', which means 'first controlling all risks and then supporting innovation'.
When discussing the concepts of 'Bitcoin national reserves' and 'digital asset inventory', Chang Wei-Cheng revealed that many countries have consulted Binance on how to carry out related reserves, and Binance is also willing to share experiences and provide assistance.
He mentioned the example of Bhutan, a country that mines with renewable energy and has never sold its Bitcoin, making its Bitcoin reserves the third largest in the world, and has established special zones to promote virtual currency reserves, which demonstrates the potential for the combination of renewable energy and Bitcoin mining.
Facing the application of Web3, Chang Wei-Cheng emphasized Binance's cooperation model around the world, especially with governments in education, compliance, and payments. He took Bhutan as an example, where Binance helped promote a 'financial suite' that allows local people to make payments using virtual assets. He believes that through widespread education and the promotion of inclusive finance, virtual assets will truly reach the public.
Chang Wei-Cheng finally defined 2024 as a key year for the 'mainstreaming of cryptocurrencies'. He pointed out that the U.S. has approved the Bitcoin ETF for the first time, related products are being launched around the world, and the large-scale layout by institutional investors indicates that cryptocurrencies are moving towards the mainstream.
He stated that currently about 7% of the global population invests in cryptocurrencies, but it is still in a very early stage. He anticipates that with the deeper involvement of institutional investors, virtual assets will be more deeply integrated into the mainstream financial system and the real economy.
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