The blockchain industry in 2023 has gone through significant ups and downs, but it has gradually accumulated explosive energy, and then welcomed a new high point for Bitcoin in the fourth quarter of 2024, with industry momentum and market atmosphere being quite enthusiastic. The (2024 Taiwan Blockchain Industry Key Report and Ecosystem Map), organized by the Bitcoin and Virtual Asset Development Association, and co-hosted by HOYA BIT, Bstyle, KryptoGO, and Starbit, was jointly released today (23rd), revealing the latest changes in Taiwan's blockchain industry.
Chairman Lin Hongyu of the (Bitcoin and Virtual Currency Development Association) pointed out that with the rapid growth of the decentralized financial services market, this year 'compliance and safety regulation' and 'product experience optimization' have become two key trends. Countries' regulations are increasingly focusing on the safety and stability of virtual assets, and the U.S. Securities and Exchange Commission (SEC) officially approved the launch of Bitcoin spot ETF in January 2024, indicating that Bitcoin has become a commodity rather than a security. The world's largest asset management company, BlackRock, issued Bitcoin spot ETF 'IBIT', which reached a holding scale of $20 billion in just 137 days, becoming the fastest-growing ETF product in history. All these signs indicate that Bitcoin and virtual assets are moving towards normalization, and Taiwan is also actively following this trend, such as the establishment of the Virtual Currency Business Association and the opening of ETF delegated investment, which are all indicative actions. Therefore, this year's report has added a special chapter on Bitcoin, discussing its necessity for the overall society from a broader perspective.
This report's first chapter points out that cryptocurrency is gradually becoming one of the investment options accepted by the mainstream globally, and Taiwan is not falling behind. It also highlights the differences in trust towards international exchanges and the awareness of compliance with local exchanges.
This report's second chapter discusses the current status of CeFi and DeFi in Taiwan. Due to a series of events in centralized exchanges from 2022 to 2023, it has been found that even after the past DeFi craze, users still desire a more comprehensive control over digital assets, and the field continues to grow, with an increasing number of users. At the same time, the custody, wallet, and payment industries are also continuing to grow in Taiwan, attempting to collaborate with third-party payment providers to create more user-friendly interfaces to attract users and increase the user base in the Web3 field.
Among them, the blockchain ecosystem is increasingly paying attention to information security issues. Recently, due to the rapid development of the overall industry, incidents of fraud involving virtual assets have also increased significantly, and new types of fraudulent methods have been observed, as well as illegal transactions and exchanges conducted using emerging financial technologies. This report not only introduces the relevant background and common methods of fraud but also points out the development and importance of digital security and digital trust-related technologies.
The third chapter of the report returns to Bitcoin, discussing how, under the increasingly unstable global situation, funds begin to seek reliable asset types for dependency. The final chapter of the report studies the relationship between Bitcoin and Taiwan, discussing the possible necessity and importance of Bitcoin in terms of national security, economy, and more, and proposing a relationship of interdependence between Taiwan and Bitcoin in an era where quantitative easing and inflation are prevalent.
As the times continue to be turbulent, blockchain technology has not slowed its development pace. As a country full of innovation and technology atmosphere, Taiwan cannot be absent in this wave of blockchain trends. Through the release of the (2024 Taiwan Blockchain Industry Key Report and Ecosystem Map), it is hoped that an analysis of the current situation can provide a future situation assessment, ultimately promoting Taiwan to become a global blockchain development hub.
(The above content is provided by the Bitcoin and Virtual Asset Development Association)
"(2024 Taiwan Blockchain Industry Ecosystem Map) is out! Returning to Bitcoin, re-examining the current state of the blockchain industry in Taiwan" this article was first published on (Blockcast).
