Is there any chance Taiwan will issue its own cryptocurrency ETF?
On September 30, Taiwan announced that it would allow professional investors to invest in foreign virtual asset spot ETFs including Bitcoin through multiple entrustments. On October 15, Kuomintang legislator Ge Rujun discussed the development of financial technology and virtual assets, emphasizing that Taiwan’s financial The importance of resilience and digital transformation, and propose relevant policy plans.
Do domestic companies have the opportunity to issue their own virtual currency ETFs?
Opening up overseas entrustment of cryptocurrency assets is a small step for Taiwan to integrate with the world. There is still a lot of room for future development. Regarding the development of domestic virtual currencies, Ge Rujun first asked whether there are plans to allow domestic companies to issue ETFs of local virtual currencies.
Regarding this issue, Executive Director Zhuo Rongtai said that the government has begun to understand the trends in the international virtual asset market and is actively exploring related opportunities, but emphasized the need for careful evaluation to avoid being too impatient.
Are there any plans to establish a Virtual Asset Management Bureau in the future?
In this year's WEBX exhibition, Japanese Prime Minister Fumio Kishida expressed his expectation for the innovation of Web3 and blockchain technology in solving various social issues through a video speech. He also emphasized that "Web3 and blockchain technology are the basis for solving social problems."
Ge Rujun shared that compared with neighboring countries such as Japan, Taiwan’s policies on virtual assets and financial technology are still not forward-looking enough. Japan has regarded blockchain and digital finance as innovative ways to solve social problems and plans to become a global innovation center. However, Taiwan still has room for progress in financial technology innovation, especially the policy stance of the regulatory agency, the Financial Supervisory Commission, on virtual asset management.
He further asked, in the past there were rumors that the government planned to adjust the organization and establish a virtual asset management authority. But what is the current progress of the research?
Peng Jinlong, chairman of the Financial Supervisory Commission, said that the development of financial technology is an issue of concern to many countries, and Taiwan has also begun to actively pay attention, because in the process of moving from traditional finance to digital finance in the future, the evolution of many technologies is full of uncertainties and full of challenges. Chance.
Under the current regulatory framework, it is still difficult to establish a special bureau. However, the central government has established the "Financial Development and Innovation Office" to promote related businesses and continue to review the strategy for the development of financial technology.
Is the Financial Supervisory Commission short of manpower for its virtual asset business?
When talking about the development of the virtual asset market, Peng Jinlong emphasized that the current manpower to handle virtual currency-related business is insufficient. There are only 8 to 13 people dedicated to handling virtual asset affairs, and most of them are promoted by existing government employees to assist in related work. , it is difficult to cope with the rapidly growing market demand.
Ge Rujun said that the virtual asset market is huge, exceeding US$2 trillion, and U.S. presidential candidates are also discussing related issues. Taiwan should make early arrangements to avoid falling behind in global competition.
Ge Rujun also called on the government to strengthen the allocation of human resources and establish an independent virtual asset development window to provide a platform for industry players to communicate with the government so that small and medium-sized virtual asset industry players can better collaborate with the government. He also hopes that the government can address this issue display a more positive attitude.
Real-world asset tokenization (RWA) development?
In response to the policy development related to the tokenization of real world assets (RWA) and stablecoins, Ge Rujun pointed out that the tokenization of real assets is expected to become an important part of virtual finance, and low-cost, full-scale financial services can be achieved through blockchain technology. days of trading and enhance the credibility of the asset.
Zhuo Rongtai said that a working group has been formed and combined with banks, securities companies and other parties to jointly discuss the experimental plan for tokenization, and it is expected that there will be specific progress next year.
What’s next for the regulation of stablecoins?
In addition, Ge Rujun also pays special attention to the development of stablecoins. He believes that stablecoins are not a vague concept, but are backed by real assets. Currently, stablecoins in Taiwan are simply a "Schrödinger's currency" and are in a very poorly regulated environment. Clear state.
As countries around the world have strengthened their supervision of stablecoins, Japan, Singapore, and the United States have successively adopted them, and even launched a license system for the issuance of stablecoins. However, Taiwan currently only regulates the trading side of stablecoins, but has no way to issue them. Compared with other countries, Taiwan has lagged behind, so Taiwan should speed up its pace.
In response, Zhuo Rongtai pointed out that Taiwan’s current stablecoin-related regulations are still under discussion and will be formulated with reference to international experience, and emphasized that the development of stablecoins is crucial to Taiwan’s future financial innovation.
Peng Jinlong also said that the draft virtual asset law scheduled to be proposed by the Executive Yuan next year is still under discussion, so there has been no clear discussion on the relevant regulations for the issuance of stable coins.
Finally, Ge Rujun called on Taiwan to speed up its deployment in the digital finance field, especially in the regulatory framework for stablecoins and virtual assets, and to identify responsible units as early as possible to avoid delays in policy decisions that affect industrial development. Many countries around the world, such as the United States, Japan, Singapore and other places, have begun to formulate relevant policies and even open the use of Bitcoin to pay taxes. If Taiwan wants to occupy a place in the digital financial competition, it must respond more actively.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reproduced with permission from: (Web3+)