Taiwan opens overseas Bitcoin spot ETF! Take a look at the key purchase conditions and specifications at once

The U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin spot ETF in January this year, with a total of 12 Bitcoin spot ETFs listed. As of now, the cumulative net inflow of Bitcoin spot ETFs is $18.8 billion, and in July, the SEC also approved the listing application for an Ethereum spot ETF, indicating that cryptocurrencies have been accepted by traditional finance, marking an important milestone in the history of cryptocurrencies. At the time of the Bitcoin spot listing, many Taiwanese securities firms announced that the competent authority had notified them that, considering the high price volatility and high risk of virtual currency products, in order to protect investors, they could only accept orders to sell foreign securities linked to virtual currency spot and futures-related products, and could not accept new buy orders. However, in recent days, the Taiwan Financial Supervisory Commission (FSC) has adopted the recommendations of the Securities Association, announcing that it will open up the purchase of overseas-listed virtual asset spot ETFs through sub-brokerage for professional investors. This policy represents a major step forward for Taiwan in the field of virtual asset investment, allowing Taiwanese people to more easily access cryptocurrency-related products and promote financial innovation. The FSC has given two major highlights: 1. The policy is initially open to professional investors with rich investment experience. According to Article 3 of the Regulations Governing Offshore Structured Products, professional investors include professional institutions such as the financial industry, high-net-worth investment legal persons, high-asset customers, legal persons or funds that are professional investors, and natural persons with total assets exceeding NT$30 million. 2. Virtual asset futures ETFs are currently not open for trading, only virtual asset spot ETFs are open for trading. In addition, the FSC requires securities firms to implement four major supporting measures to ensure that buyers fully understand the risks: 1. Strengthening the know-your-customer process: Establish an appropriate virtual asset ETF product suitability assessment system and obtain approval from the board of directors. 2. Risk disclosure statement signing: Unless the client is a professional institutional investor, a risk disclosure statement must be signed before the first purchase, and the securities firm can only accept the order. 3. Provision of product characteristics information: Securities firms need to provide information on the characteristics of the product before the client's first purchase of a virtual asset ETF. 4. Business personnel training: Securities firms should regularly provide education and training on virtual assets and related products to their business personnel to ensure they have a full understanding of the products. After the FSC announced this news, Dr. Guo, a KMT legislator who has been advocating for the rights of the cryptocurrency community in the legislature, also posted on Facebook to share the good news: "Audience! It's open! Taiwanese people can finally legally, compliantly, and reasonably purchase virtual currency ETFs, not limited to Bitcoin! In March this year, as soon as I took office as a non-district public servant, I spoke up for the virtual world netizens, urging the FSC to face the global trend and not unilaterally prohibit the public from purchasing Bitcoin ETFs in various countries through sub-brokerage. After half a year, thanks to the FSC's courage to take responsibility and respond, they finally announced the opening of sub-brokerage investment in virtual asset (Bitcoin, Ethereum) spot ETFs listed on overseas exchanges for professional investors." Legislator Guo also mentioned in the article that although there are still restrictions on the purchase of Bitcoin spot ETFs after the opening, it is a great progress for Taiwan, and he is full of expectations for Taiwan's financial innovation. "I believe that this time the FSC has taken a small step forward, although with restrictions, but it is still a big step for Taiwan to embrace the virtual asset market. Let's look forward to the future, where we can gradually open up more diverse financial technology product regulations, and work together to build Taiwan into a financial center for the virtual world, creating the next generation of ROC - Republic of Crypto!"