Author: Binance CEO Changpeng Zhao
Taiwan is renowned as the “Technology Island”, and recently I had the opportunity to visit Taiwan and meet with representatives from various industries, government officials, and academic experts. We had fruitful discussions on the future prospects and opportunities of the Web3 industry in Taiwan, as well as how different sectors can collaborate to create new value and address the challenges brought about by emerging technologies in this global Web3 wave.
This year, the world is experiencing a new wave of Web3, bringing the once dormant crypto market back into the spotlight. The approval of Bitcoin ETF by the US SEC has attracted a large number of institutional investors into the crypto market. Furthermore, the anticipation of the Bitcoin halving has not only pushed the price of Bitcoin to new historical highs, but also boosted the overall performance of the crypto market. Similarly, the continuous rise of AI has led to significant market value growth for tech giants like Nvidia. According to statistics, the market value of Nvidia alone is approaching the total market value of the crypto market, indicating the potential for even greater growth in the crypto market.
The approval of Bitcoin ETF not only brings new vitality to the crypto market, but also represents a new era of popularization and compliance for the entire crypto asset industry, with the potential to have a profound impact on the future global financial landscape. Embracing the financial innovation brought by the Web3 era and being prepared for it early on will be the key to gaining an advantage in this wave.
As one of the important economies in Asia, Taiwan possesses many competitive advantages in developing the Web3 industry. In terms of talent and environment, Taiwan has a strong foundation in high-tech capabilities, supported by a pool of professional engineers and designers. Additionally, the widespread internet availability and high degree of digitization have fostered a natural and mature Web3 community and Generation Z, who not only have a high acceptance of new things but also possess independent thinking and a willingness to break free from traditional frameworks. Taiwan’s open and diverse environment undoubtedly provides the best breeding ground for innovation. This is something I have personally experienced during my visits to Taiwan.
In terms of industry supervision, Taiwan’s regulatory framework has gradually matured under the guidance of the Financial Supervisory Commission (FSC), providing a certain level of clarity for the industry. It is worth mentioning that Taiwan’s government has also mentioned accelerating financial technology innovation and expanding inclusive finance as part of its future policy vision, with blockchain being one of the key technologies. This demonstrates the government’s emphasis on the industry. As a former financial regulator, I strongly believe that compliance is crucial for the long-term and stable development of an industry. However, I also understand that industry development should go hand in hand with risk management, including encouraging innovation, attracting foreign investment, and attracting outstanding talent to create a win-win situation.
That being said, as an emerging technology, it is undeniable that the industry still faces many challenges and pain points that need to be overcome. This includes reducing technical barriers and expanding application scenarios to make it more accessible to the general public. Additionally, the industry needs to closely cooperate with regulatory and law enforcement agencies worldwide to help establish regulatory frameworks and combat crime, promoting responsible and sustainable development of the industry.
I firmly believe that the inclusive finance that the Web3 era aims to achieve will eventually come. More people around the world will benefit from it. In Taiwan, I believe that if the government can collaborate with Web3 companies, there is an opportunity for Taiwan to replicate its success story in the semiconductor industry and establish itself as a true “Technology Island” in the global Web3 stage. As for Binance, just as I promised when I participated in the Taipei Blockchain Week last year, we will continue to work with Taiwan’s community, industry participants, and even government agencies to jointly build a thriving Web3 ecosystem.
This article is provided by the official source and does not represent the stance or investment advice of this site. Readers must conduct their own careful evaluation.
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