I still remember that in the mid-summer of 2018, stars gathered in the Taipei Marriott Hotel, and the first Asia Blockchain Summit (ABS) debuted in Taiwan for the first time. At that time, I was full of curiosity about blockchain technology, but had only a partial understanding of its potential. Experts from domestic government and academia gathered together to describe the vision of blockchain, which opened my eyes.
I remember that at that time, CZ, the founder of Binance, Charlie Lee, the founder of Litecoin, and Tom Lee, a well-known Wall Street analyst, all came to Taiwan to give live speeches. It was very amazing to see it at the time, and it feels even more "luxurious and exaggerated" today.
There were more than 4,000 participants at the scene. It is said that they are all blockchain technicians, project teams, investors, and software and hardware suppliers at home and abroad. Some people came to explore the market alpha, and some were looking for learning and next steps. Job opportunities, some innovative venture capital investors and entrepreneurs all gathered together that night to discuss solutions, financial technology dilemmas and challenges, regulations and supervision, and other explorations of a new world.
Originally I attended out of curiosity, but after experiencing the Asia Blockchain Summit and speeches at that time, I have since become full of expectations for the future of blockchain.
What I remember most clearly is that at that time, Binance was already one of the top cryptocurrency exchanges in the world in terms of trading volume. Its founder, CZ, seemed very approachable and talked about his observations on the future trends of the overall industry at the venue. As well as affirming the development potential of Taiwan's blockchain, after the meeting, he shuttled around the venue to greet and chat with all the participants. He was so humble. No one expected that he would later become the richest man in the world's blockchain.
At ABS at that time, everyone was very focused on their love for technology and their desire for innovation, which really touched me. During the break, participants from different backgrounds had lively exchanges, exchanged business cards, and discussed the possibility of cooperation. This kind of openness , inclusive, and regardless of nationality, made me feel the unique charm of the future and the blockchain community for the first time. It planted a seed of hope in my heart and prompted me to start joining this emerging industry.
What’s interesting is that at that time, I also got hundreds of BNB issued by Binance on the spot. Unfortunately, as soon as I got it, I sold it as “a dinner”. No one expected that these on-site airdrops would be gone until now. It's a pity that it actually cost me a luxury car. It's a big regret in my life.
Earth-shaking changes after 6 years
Six years have passed. After witnessing the ups and downs of the cryptocurrency market and the continuous evolution of blockchain technology, in 2018, the cryptocurrency market experienced a cliff-like collapse. Bitcoin fell from nearly 2 in December 2017. The high of 10,000 U.S. dollars collapsed all the way. By December 2018, it had fallen to nearly 3,000 U.S. dollars, a drop of 85%. The market was full of gloom.
At that time, the market was mainly dominated by retail investors, with low institutional participation and lack of supervision, which led to chaos in ICOs. Many ICO projects that were launched in 2017 were short-lived. At the same time, blockchain technology was still in its early stages and lacked scalability. , transaction speed and other issues need to be resolved, and application scenarios are also limited.
However, after 6 years, the cryptocurrency market has undergone earth-shaking changes. The price of Bitcoin once exceeded 70,000 US dollars. The public chain has entered an era of contention among a hundred schools of thought. DeFi, NFT, RWA and other diverse applications are booming, providing opportunities for the implementation of blockchain technology. On a broader stage, market participants are also more diversified. The first batch of Bitcoin and Ethereum spot ETFs in the United States were approved for listing this year, becoming an important milestone for the cryptocurrency industry to move towards the mainstream.
At the same time, what is very different from 2018 is that governments around the world have strengthened the supervision of cryptocurrency, exchanges have increased compliance requirements, and stablecoin supervision has become the focus. Although supervision may bring certain restrictions, it also brings benefits to the market. This provides greater certainty and is conducive to the long-term and healthy development of the industry.
In Taiwan, the cryptocurrency industry has also ushered in a historic moment. For a long time in the past, Taiwan did not have a clear regulatory authority for cryptocurrency. But finally last year, the Executive Yuan designated the Financial Supervisory Commission as the regulatory authority for cryptocurrency. The Financial Supervisory Commission also announced in September last year The "Guiding Principles for the Management of Virtual Asset Platforms and Transaction Business Enterprises (VASP)" were promulgated in September to establish the regulatory framework for virtual asset platforms and transaction business enterprises (VASP).
Now, Taiwan's cryptocurrency industry has begun to initiate industry self-regulation, and finally formally established the Virtual Currency Business Association of the Republic of China in June this year. It will formulate "Self-Regulation Code" based on the guidelines and properly implement the classification and classification management of industry players.
In response to this, Peng Jinlong, chairman of the Financial Supervisory Commission, announced in June that virtual assets will be gradually managed in four stages. He plans to propose a draft of a special law on virtual assets before the end of this year. The draft is expected to be completed and submitted to the Executive Yuan for review by June next year, and will be followed by The Legislative Yuan is conducting legislative procedures and hopes that the introduction of special laws will create a more favorable environment for the development of Taiwan's blockchain industry.
See you again in ABS 2024
I recently saw that the Asia Blockchain Summit will return to the Taipei Nangang Exhibition Center in August this year. I am both happy and a little scared. What I am happy about is that this "world-class stage" that all foreigners recognize is finally back. Returning to Taiwan, you must know that long before the AI era, I think the Asia Blockchain Summit had already let the world see Taiwan in the field of blockchain.
On the other hand, what I fear is that six years is too long for the blockchain industry. I am afraid that after I go back to the ABS 2024 site, I will be disappointed with the explosion of information, the diversification of topics, and this AI-based industry. I feel anxious in the new era, but this may be evidence of the popularization of blockchain. Sooner or later, blockchain will conquer all major fields and become a key technology. Watching ABS2024 this time may be a witness to the pace of this industry.
Some things have changed, but I believe some things remain the same. This time, Vitalik, Song Hongbing, and even an Indian prodigy came to Taiwan. I hope to meet more people from different countries around the world and witness blockchain in Taiwan together. The beauty and miracles, just like I missed all the miracles six years ago, only this time I don’t want to miss them again.
I remember Cathie Wood said that Bitcoin will be worth 3.8 million US dollars in 2030. Whether what he said is true or false is difficult for me to judge, but seeing the scale of ABS becoming so huge, I began to believe that Taiwan has the potential to become the blockchain industry in Asia and even the world. As a blockchain center, Taiwan has the ability to create its own glory in this emerging field. I also believe that ABS 2024 may be an important milestone in the development of the world's blockchain industry.
(The author is a blockchain practitioner with five years of working experience)
