In 2023, the blockchain industry experienced significant ups and downs, gradually accumulating explosive energy, leading to a new peak of Bitcoin in the fourth quarter of 2024. The industry dynamics and market atmosphere are quite active. The '2024 Taiwan Blockchain Industry Key Report and Ecological Map' jointly published today (23rd) by the Bitcoin and Virtual Asset Development Association, HOYA BIT, BSTYLE, KryptoGO, and Starbit reveals the latest changes in Taiwan's blockchain industry.
Lin Hongyu, chairman of the Bitcoin and Virtual Currency Development Association, pointed out that with the rapid growth of the decentralized finance service market, this year 'compliance and security regulation' and 'product experience optimization' have become two important key trends. Countries' regulations are increasingly emphasizing the safety and stability of virtual assets, and the U.S. Securities and Exchange Commission (SEC) officially approved the launch of a Bitcoin spot ETF in January 2024, indicating that Bitcoin has been recognized as a commodity rather than a security. The Bitcoin spot ETF 'IBIT' issued by the world's largest asset management company BlackRock reached a scale of $20 billion in holdings in just 137 days, becoming the fastest-growing ETF product in history. These signs indicate that Bitcoin and virtual assets are on the path to normalization, and Taiwan is also actively following this trend, as evidenced by the establishment of the Virtual Currency Business Association and the opening of ETF sub-delegation, both of which are indicative actions. Therefore, this year's report adds a special chapter on Bitcoin, discussing its necessity from a broader societal perspective.
The first chapter of this report points out that cryptocurrencies are gradually becoming one of the investment options accepted by the mainstream globally, and Taiwan is not falling behind. Additionally, it highlights the differences in trust towards international exchanges and the awareness of compliance in local exchanges.
The second chapter of this report discusses the current state 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 DeFi craze, users still wish to have a more comprehensive grasp of digital assets, and that sector continues to grow with an increasing number of users. At the same time, the custody, wallet, and payment industries are also continuously growing in Taiwan, attempting to collaborate with third-party payment providers to create more user-friendly and convenient interfaces to attract users and increase the user base in the Web3 space.
The blockchain ecosystem is increasingly concerned about information security issues. Recently, due to the rapid development of the overall industry, incidents of fraud involving virtual assets have significantly increased, and new types of fraudulent methods have emerged, utilizing emerging financial technologies to carry out illegal transactions and exchanges. This report introduces the relevant background and common methods of fraud and highlights the development and importance of digital security and digital trust-related technologies.
Returning to Bitcoin in the third chapter of the report, as global conditions become increasingly unstable, funds are beginning to seek reliable asset types for dependence. The final chapter of the report studies the relationship between Bitcoin and Taiwan, discussing the potential necessity and importance of Bitcoin in terms of national security, economy, and other aspects, and proposes a mutually dependent relationship between Taiwan and Bitcoin in a future era of widespread quantitative easing and inflation.
As the era continues to be turbulent, the development speed of blockchain technology has not diminished. As a country rich in innovation and technology, Taiwan cannot be absent from this wave of blockchain trends. With the release of the '2024 Taiwan Blockchain Industry Key Report and Ecological Map', we hope to provide a future situation assessment through the analysis of the current state, ultimately promoting Taiwan to become a global hub for blockchain development.
This content is provided by the official source and does not represent the views or investment advice of this site. Readers must conduct their own careful evaluation.
Source
