On July 8th, the "Virtual Asset Future - Derivatives Product Regulatory Policy Forum" was held in Taipei, where three major topics of derivatives, stablecoins, and ETF intersected. In the panel discussion "Virtual Asset Derivatives: Taiwan's Legal Blueprint and Development Opportunities", experts discussed the opportunities and risks of Taiwan's digital finance.
Derivatives Users Flowing Overseas, Industry Calls for Relaxation
MaiCoin founder Liu Shiwei directly stated that he is optimistic about Taiwan's virtual asset development potential, and if viewed through a stock market logic, Taiwan's crypto market potential could definitely rank in the global top ten.
Borrowing a quote from Spider-Man, "With great power comes great responsibility", he emphasized that capable government agencies and industry players must work to normalize Taiwan's Crypto market, offering various derivatives to create profit space and retain local virtual asset talents and profits.
BitoPro CEO Zheng Guangtai added that the current derivatives market trading volume is roughly 3 to 5 times that of spot markets, requiring businesses to bear huge regulatory and compliance costs without being able to access derivatives profits, which is unreasonable.
70% of Taiwan's crypto retail investors transfer funds overseas due to lack of domestic derivatives channels. The return rate is low.
Taiwanese users constantly exchange New Taiwan Dollars for US dollars. Taiwan's crypto population is less than 5%, as users seek derivatives products and move funds abroad.
With long-term crypto users continuously converting New Taiwan Dollars to US dollars, he worries that without government collaboration with industry and associations, the market could be consumed by fraud and money laundering risks. Without local compliant guidance, retail investors might easily be misled by malicious actors and transfer funds to offshore scam platforms.
Stablecoin: Payment Tool is a Sovereign Battlefield
Hayeck Capital's Wen Hongrui positioned stablecoins as "digital legal tender", defining "stablecoins as national sovereign currency". Where should stablecoins be applied? Why do we need stablecoins? It's to maintain digital sovereignty. Currently, Taiwan has launched digital New Taiwan Dollar (CBDC) and Taiwan Dollar stablecoin. South Korea, which is most suitable for Taiwan to reference, saw Kakao network group announcing stablecoin issuance, prompting eight Korean banks to quickly form a team to follow.
Without a Taiwan Dollar stablecoin, foreign US dollar stablecoins can easily penetrate local finance.
Wen Hongrui reminded that while the central bank plans "retail and wholesale" dual-track digital New Taiwan Dollar CBDC, current bank deposit tokens reach 58 trillion, while electronic payments are only 20 billion. If tech payment providers bypass card systems through stablecoins, payment order will be reshaped.
Chen Jinzhi from CTBC Financial Management College warned that using offshore stablecoins is equivalent to surrendering money laundering prevention and wallet management rights. Referencing the US "Genius Act", he emphasized that stablecoin asset reserves must be fully backed by cash, government bonds, and highly liquid assets to maintain financial stability.
ETF and RWA: A Quick Channel for Virtual and Real Fusion
The US Bitcoin spot ETF successfully attracted over hundreds of billions of dollars, while Taiwan only allows professional investors to purchase offshore ETFs. Retail investors still face obstacles through commissioned trading due to sales responsibility and protection mechanisms. Professor Chen pointed out that ETF combined with RWA tokenization will attract institutional funds and enhance liquidity, but also means stricter information disclosure and leverage restrictions.
Scholars and industry participants reached a clear consensus: Taiwan lacks predictable regulation, not technology or capital. Experts from the panel suggested that Taiwan should quickly define derivatives licensing paths to reduce capital outflow. Using "deposit tokens + Taiwan Dollar stablecoin" as a dual approach to protect payment sovereignty.
Additionally, referencing US and Hong Kong's graded management model, design investment suitability regulations for virtual asset ETFs.
