On October 15, the Legislative Yuan held a plenary session, inviting Premier Su Tseng-chang to attend and answer questions regarding the policy report. During the interpellation, legislator Ko Wen-je emphasized that virtual currencies and financial technology have become an important development trend in the global financial market, and called on the government to accelerate the promotion of relevant policies. He raised the question of whether Bitcoin or other digital assets should be considered for inclusion in foreign exchange reserves. Central Bank Governor Yang Chin-long responded: "After careful research, we will not include Bitcoin in foreign exchange assets for the time being." At the same time, Financial Supervisory Commission (FSC) Chairman Huang Tien-mu stated that the draft law on virtual assets is expected to be proposed by the end of this year and submitted to the Legislative Yuan for review in June next year.
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ToggleProfessional investors can invest in virtual asset ETFs, Ko Wen-je calls for more proactive policies
Ko Wen-je first affirmed the government's policy of opening up investment in foreign virtual asset spot ETFs for professional investors 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, questioning whether the government has plans to promote the issuance of virtual currency ETFs by domestic companies, and calling for further exploration of the development potential of virtual currencies in Taiwan.
Premier Su Tseng-chang responded that the government has already taken the first step to integrate with the international market, but emphasized that caution is needed when promoting virtual currency policies, and that they cannot be rushed. He pointed out that the government will continue to observe the response and management situation in the domestic and foreign markets, and formulate the next step strategy in a timely manner.
Ko Wen-je: Taiwan's virtual asset policies are being promoted slowly
In the interpellation, Ko Wen-je shared his experience of participating in blockchain and fintech activities in Japan, pointing out that Japan is actively promoting blockchain technology and fintech, with the goal of becoming a global innovation center. In contrast, Taiwan's progress in promoting fintech policies has been slow, especially the establishment of a virtual asset management agency has not yet made concrete progress.
Regarding the establishment of a virtual asset management agency, FSC Chairman Huang Tien-mu responded that due to legal restrictions, it is difficult to establish a specialized virtual asset management agency, but the FSC has set up a "Financial Development and Innovation Department" to specifically handle fintech-related matters. However, Huang Tien-mu also admitted that the current FSC staffing for virtual asset business is relatively insufficient, with only 13 employees, most of whom are part-time.
Stablecoin development lags behind, the government will strengthen regulatory efforts
Ke-Chun Ko further called for Taiwan to set up a dedicated window to provide assistance to small and medium-sized virtual asset operators, and to strengthen the communication mechanism between the government and the industry, in order to occupy a place in the virtual finance field. He specifically mentioned that the regulation and development of (Stablecoin) has become a focus of the international financial market, and pointed out that Taiwan is lagging behind countries such as Japan, Singapore and the United States in this field. He suggested that the government should strengthen the regulation of , and include it in the discussion scope of the virtual asset special law, to promote the legalization and development of the relevant industry.
Rong-Tze Cho responded that the government will refer to successful international experiences, combined with Taiwan's national conditions, to gradually promote the discussion of relevant regulations. Chin-Lung Peng also added that the draft of the virtual asset special law is expected to be proposed by the end of this year, and will be submitted to the Legislative Yuan for review in June next year.
Taiwan is not ranked as a digital finance center, Ke-Chun Ko calls for accelerating financial policy reform
Ke-Chun Ko also pointed out that establishing a digital finance center is crucial to enhancing Taiwan's international competitiveness, but Taiwan's ranking in the global financial center index has now dropped to 73rd, and the digital finance center even has no ranking. He emphasized that Taiwan must accelerate the reform of financial policies, especially in the field of digital assets and cryptocurrencies, otherwise it will be difficult to keep up with global development.
In response to Ke-Chun Ko's suggestions, Rong-Tze Cho 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 a stable, secure and trustworthy foundation. He believes that Taiwan needs more research and experimentation to ensure the healthy development of the virtual finance market.
Ke-Chun Ko emphasizes that Taiwan should accelerate catching up with international competitors
Finally, Ke-Chun Ko emphasized that Taiwan should accelerate "overtaking" in the field of financial innovation, especially in the development of and cryptocurrencies, and cannot fall behind international competitors. He called on the government to provide more creative and flexible policy support, to create more opportunities for Taiwan's digital finance industry, and to ensure a place in the global financial market in the future.
