The global trading volume and largest registered user virtual asset exchange Binance and the Bitcoin and Virtual Asset Development Association's "Taiwan Connecting the World: Grasping the Web3 Revolution Wave | International Industry Summit" successfully concluded on July 9th. The conference, centered on "Taiwan Linking with the World", gathered nearly 200 participants including heavyweight guests such as Executive Yuan Secretary-General Kung Ming-hsin, AIT Acting Commercial Section Chief Jeff Dutton, Binance CEO Richard Teng, Bitcoin and Virtual Asset Development Association Chair Hsu Pei-ling, Honorary Chair Lin Hong-yu, World Liberty Financial Co-founder Zach Witkoff, to discuss critical virtual asset development issues and how Taiwan can participate in the global digital wave, aligning with the latest international trends, marking a key step in Taiwan's exploration of blockchain and virtual asset industry international cooperation and development. Embracing New Technology: Unlimited Prospects for Virtual Assets The event invited Executive Yuan Secretary-General Kung Ming-hsin and AIT Acting Commercial Section Chief Jeff Dutton to deliver speeches. Secretary-General Kung noted that under the Web3 wave, Taiwan must not only be present but actively engage. He emphasized that technological development should start with the end goal, focusing on practical needs and application scenarios, and is optimistic about stablecoins' future potential in the digital economy. Jeff Dutton stated that US President Trump is promoting a series of policies to consolidate US leadership in digital assets and financial technology, demonstrating determination to become the "global crypto capital". He acknowledged Taiwan's progress in regulatory innovation and looks forward to more exchanges and cooperation in digital assets, jointly constructing a robust, secure, and innovative digital asset ecosystem. Taiwan from a Global Perspective: New Opportunities for Crypto Industry Cooperation At the summit, Binance CEO Richard Teng shared observations on current virtual asset regulatory trends from a global market perspective. He noted that US government support for the crypto industry has profoundly influenced global layouts, encouraging more market and institutional investors to actively enter this field. Globally, multiple countries and regions have consulted Binance about virtual asset reserves or industry regulatory frameworks. Teng pointed out that as regulation matures and institutional investors participate, the industry can move towards mainstreaming. Binance will continue expanding global deployment and deepening cooperation with local partners and government departments. He is also optimistic about Taiwan's talent and technological advantages, emphasizing Binance's willingness to actively participate in Taiwan's local Web3 ecosystem construction and cooperation. Regarding stablecoins, Zach Witkoff, co-founder of the Web3 enterprise founded by the Trump family and USD1 stablecoin issuer, shared that stablecoins will be the "invisible layer" of modern payment systems. He emphasized that stablecoin applications are not due to popularity but the technology's ability to reduce costs and improve efficiency for businesses. He indicated that USD1 will be more than an asset, but a financial infrastructure making banks faster, smarter, and more customer-centric. Discussing recommendations for Taiwan and regional development, Zach suggested establishing a collaborative and innovation-encouraging framework as a good starting point, such as creating sandboxes, rewarding experiments, and finding methods to connect public and private innovation. He believes Taiwan has a significant opportunity to become a leader in innovation and regulation. He also emphasized that "speed" and "integrity" are both indispensable, with the future belonging to regions possessing these two characteristics. The summit's panel discussions brought together experts and industry representatives from diverse backgrounds to discuss critical virtual asset issues. In "Large-Scale Custody: Building Institutional Confidence in a Tokenized World", the panel explored current institutional-level custody and tokenization opportunities and challenges. Participants believed both regulatory and industry sides are in a rapid learning and adjustment process, with increasing intersection and collaboration potential between traditional finance and crypto industries. In "Guarding the Digital Frontier: Virtual Assets, Artificial Intelligence, and the Future of Crime Fighting", the focus was on public-private partnership and international cooperation's importance in combating financial crime, especially cross-border crime. Participants displayed a positive attitude towards virtual assets as an emerging financial technology, anticipating continued positive industry development based on effective regulation and cooperation. Deepening International Connections, Taiwan Meets the Web3 Critical Moment This summit not only built bridges between international and local ecosystems but further highlighted Taiwan's potential in the global digital economy wave. Through active dialogue and collaboration across industry, government, and academia, Taiwan can establish an open, inclusive, and forward-looking innovative environment, continuously aligning with international standards in regulations, technology, and applications, becoming a new hub for digital innovation in the Asia-Pacific region. The event's organizers, Binance and the Bitcoin and Virtual Asset Development Association, will continue dedicating themselves to promoting Taiwan's Web3 industry development, contributing to creating a more open, diverse, and secure ecosystem.
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