Cryptocurrencies and other virtual assets are increasingly becoming part of asset allocation strategies in Taiwan. According to Bankee Community Bank's "2023 Virtual Asset Survey," Taiwanese users prioritize security and convenience when engaging with virtual assets, with 71% advocating for regulatory parity with traditional financial institutions.
Key Findings from the Survey
User Priorities for Virtual Asset Exchanges
Among respondents with virtual asset experience:- 80.9% emphasized transaction security
- 70.9% valued deposit/withdrawal convenience
- 65.8% prioritized regulatory compliance
High-net-worth investors (>NT$10M) showed greater concern for deposit/withdrawal limits, while general users focused on transaction speed.
Barriers to Adoption
For non-users:- 75.3% cited lack of familiarity
- 55.1% expressed security concerns
- 46.5% noted excessive volatility
Regulatory Expectations
- 71% demanded financial institution-level oversight
- 23.6% preferred standard business regulations
- Only 5.4% opposed any regulation
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Industry Response and Best Practices
Bankee's digital finance VP, Dai Songzhi, highlighted:
"Cryptocurrencies aren't inherently risky—the risk lies in their misuse. Our partnership with virtual asset platforms since 2019 focuses on creating compliant ecosystems."
Financial institutions are advancing through four key strategies:
- Anomaly detection for suspicious transactions
- Real-time reporting mechanisms
- Account control procedures
- Client management protocols
Future Outlook
The survey (3,434 respondents, ±1.67% margin of error) reveals growing demand for:
- Enhanced security frameworks
- Streamlined user experiences
- Collaborative industry standards
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FAQ Section
Q: What makes virtual assets appealing despite security concerns?
A: Their decentralized nature, potential high returns, and 24/7 market access attract users seeking alternatives to traditional finance.
Q: How can beginners safely start with virtual assets?
A: Start small, use regulated exchanges, enable two-factor authentication, and diversify holdings.
Q: Why is regulatory alignment important?
A: Consistent oversight builds trust, prevents fraud, and bridges traditional and digital finance systems.
Q: What's next for Taiwan's virtual asset ecosystem?
A: Expect tighter VASP regulations, improved fraud detection tools, and more bank-exchange partnerships.