The '2024 Taiwan Block Chain Industry Ecological Map' is out! Back to BTC, re-examine the current situation of Taiwan's block chain industry.

In 2023, the blockchain industry experienced ups and downs, gradually accumulating explosive energy, and then ushered in a new high point for BTC in the fourth quarter of 2024. The industry's pulse and market atmosphere are quite hot. Organized by the BTC and Virtual Asset Development Association, co-organized by HOYA BIT, BSTYLE, KryptoGO, and Starbit, the '2024 Taiwan Blockchain Industry Key Report and Ecology Map' was jointly released today (23rd), revealing the latest changes in Taiwan's blockchain industry.

Lin Hung-yu, chairman of the Bitcoin and Virtual Currency Development Association, pointed out that with the rapid growth of the DecentralizationFinancial Service market, 'Compliance security supervision' and 'commodity experience optimization' have become two important key trends this year. Regulations in various countries pay more attention to the security and stability of virtual assets. The Securities and Exchange Commission (SEC) of the United States officially approved the BTCSpot ETF for launch in January 2024, indicating that BTC is considered a commodity rather than a security. The world's largest asset management company, BlackRock, issued the BTCSpot ETF 'IBIT,' which reached a scale of 20 billion USD in just 137 days, making it the fastest rising ETF product in history. These signs all indicate that BTC and virtual assets are moving towards normalization. Taiwan is also closely following this trend, with the establishment of the Virtual Currency Business Association and the opening of ETF entrusted trusteeship, both of which are indicative actions. Therefore, this year's report has added a special chapter on BTC to discuss the necessity of BTC in society from a broader perspective.

The first chapter of this report points out that Cryptocurrency is gradually becoming a mainstream investment option accepted by the public worldwide, and Taiwan is no exception. The next point is the difference in trust in international exchanges and the perception of local exchange compliance.

In this report's Chapter 2, the current status of CeFi and Decentralized Finance in Taiwan is discussed separately. Due to a series of events in centralized exchanges from 2022 to 2023, it was found that despite the previous craze for Decentralized Finance, the field continues to grow due to users' desire for a more comprehensive understanding of digital assets, leading to continuous user growth. At the same time, custody, Wallet, and payment industries continue to grow in Taiwan, and they are trying to cooperate with third-party payment providers to create a more user-friendly and convenient interface to attract users and increase the user base in the Web3 domain.

The Block chain ecosystem is increasingly following information security issues. Recently, due to the rapid development of the industry, there has been a significant increase in fraud cases involving virtual assets. We have also seen new types of fraud methods and the use of emerging financial technologies for illegal transactions and remittances. In addition to introducing the background and common methods of fraud, this report also highlights the development and importance of digital security and digital trust related technologies.

In the third part of the report, returning to BTC, as the global situation gradually becomes unstable, funds are beginning to seek reliable asset types as dependencies. The last chapter of the report studies the relationship between BTC and Taiwan, discussing the possible necessity and importance of BTC for national security, economy, and proposing a mutual dependence relationship between Taiwan and BTC in the era of widespread quantitative easing and Inflation in the future.

With the continuous turbulence of the times, the development speed of the Blockchain technology has not decreased. As a country full of innovation and technology atmosphere, Taiwan cannot be absent in this wave of Blockchain trend. Through the release of the '2024 Taiwan Blockchain Industry Key Report and Ecological Map', it is hoped to provide a future situation assessment through the analysis of the current situation, and ultimately promote Taiwan to become a global hub for Blockchain development.

(The above content is provided by the Bitcoin and Virtual Asset Development Association)

The '2024 Taiwan Block Chain Industry Ecological Map' is out! Back to BTC, re-examine the current situation of Taiwan's Block Chain Industry. This article was first published in 'Block Times'.