On October 15, the Legislative Yuan held a meeting and invited Executive President Zhuo Rongtai to attend and answer questions on the policy address. Legislator Ge Rujun emphasized during the inquiry that virtual currency and financial technology have become important development trends in the global financial market, and called on the government to accelerate relevant policies. He asked whether Bitcoin or other digital assets should be considered to be included in foreign exchange deposits? Central Bank President Yang Jinlong responded: "After careful study, Bitcoin will not be included in foreign exchange assets for the time being." At the same time, Peng Jinlong, chairman of the Financial Supervisory Commission, said that a draft special law on virtual assets is expected to be proposed by the end of this year and submitted to the Legislative Yuan in June next year. conduct deliberation.
Professional investors can invest in virtual asset ETFs, Ge Rujun calls for positive policies
Ge Rujun first affirmed the government’s policy of opening up professional investors to invest in foreign virtual asset spot ETFs on September 30, believing that this is an important step towards the virtual currency market. However, he also pointed out that Taiwan still has shortcomings in the development of virtual currencies, questioned whether the government has plans to promote domestic companies to issue virtual currency ETFs, and called for further exploration of the development potential of virtual currencies in the country.
(The Financial Supervisory Commission allows professional investors to invest in foreign virtual asset ETFs, and Taiwanese institutions have a track record of investing in Bitcoin)
Executive President Zhuo Yongtai responded that the government has taken the first step to integrate with the international market, but emphasized that it needs to be cautious when promoting virtual currency policies and not be too hasty. He pointed out that the government will continue to observe the response and management conditions of domestic and foreign markets and formulate next strategies in a timely manner.
Ge Rujun: Taiwan’s virtual asset policy is slowly promoted
During the inquiry, Ge Rujun shared his experience in participating in blockchain and financial technology events in Japan, pointing out that Japan actively promotes blockchain technology and financial technology with the goal of becoming a global innovation center. In comparison, Taiwan has made slow progress in promoting financial technology policies. In particular, there has been no concrete progress in the establishment of the Virtual Asset Management Bureau.
In response to the issue of the establishment of a virtual asset management authority, Peng Jinlong, chairman of the Financial Supervisory Commission, responded that it is difficult to establish a specialized virtual asset management agency due to regulatory restrictions. However, the Financial Supervisory Commission has established a "Financial Development and Innovation Division" to handle financial technology-related matters. However, Peng Jinlong also admitted that the current manpower allocation of the Financial Supervisory Commission that handles virtual asset business is relatively insufficient, with only 13 personnel and most of them are part-time.
Stable currency development lags behind, and the government will strengthen supervision
Ge Rujun further called for Taiwan to set up a dedicated window to provide assistance to small and medium-sized virtual asset operators and strengthen the communication mechanism between the government and the industry in order to occupy a place in the virtual financial field. He specifically mentioned that the regulation and development of stablecoins has become the focus of the international financial market, and pointed out that Taiwan has lagged behind countries such as Japan, Singapore and the United States in this field. He suggested that the government should strengthen the supervision of stable coins and include them in the discussion of virtual asset laws to promote the legalization and development of related industries.
Zhuo Rongtai responded that the government will gradually promote the study of relevant laws and regulations by referring to international successful experience and taking into account Taiwan's national conditions. Peng Jinlong added that the draft of a special law on virtual assets is expected to be proposed by the end of this year and sent to the Legislative Yuan for review in June next year.
Taiwan is not ranked among the digital financial centers. Ge Rujun calls for accelerated reform of financial policies.
Ge Rujun also pointed out that establishing a digital financial center is crucial to improving Taiwan's international competitiveness. However, Taiwan's current ranking in the Global Financial Center Index has dropped to 73rd, and the digital financial center does not even have a ranking. He emphasized that Taiwan must accelerate the reform of financial policies, especially in the fields of digital assets and virtual currencies, otherwise it will be difficult to keep up with the pace of global development.
In response to Ge Rujun's suggestion, Zhuo Rongtai said that the government will continue to promote financial innovation policies, but he also emphasized that the development of virtual assets must be based on stability, security and trustworthiness. He believes that Taiwan needs more research and experiments to ensure the healthy development of the virtual financial market.
Ge Rujun stressed that Taiwan should accelerate to catch up with international competitors
Finally, Ge Rujun emphasized that Taiwan should accelerate its "overtaking" in the field of financial innovation, especially in the development of stablecoins and virtual currencies, so that it can no longer lag behind international competitors. He called on the government to provide more creative and flexible policy support to create more opportunities for Taiwan's digital financial industry and ensure a place in the global financial market in the future.
This article Legislator Ge Rujun pays close attention to the process of specializing virtual assets. The central bank: temporarily not accepting Bitcoin as a foreign exchange reserve first appeared on Lian News ABMedia.
