Taiwan's crypto scene welcomes new users! EasyCard is connecting with virtual assets, Federal Bank: Future investment trusts may issue crypto ETFs

Taiwan opens virtual asset custody in banks, with Federal Bank planning four phases, and there is hope to issue cryptocurrency ETFs in the future; OneCard integrates credit cards to enter the crypto space and promote green finance; MaiCoin hopes for the swift passage of special legislation to accelerate the integration of finance and tokenization.

Federal Bank: Taiwan’s asset management companies may issue crypto ETFs in the future

The Financial Supervisory Commission has recently approved five banks to pilot virtual asset custody, and with the Virtual Asset Service Law, Taiwan’s crypto market has opened a new chapter! Federal Bank General Manager Xu Weiwen revealed at a press conference yesterday (4/22) that bank custody of virtual assets (crypt assets) will proceed in four stages:

The first stage focuses on custody of virtual assets on trading platforms; the second expands to professional and institutional investors and other legal entities; the third targets high-net-worth individuals; the fourth looks ahead to the potential demand for crypto ETF custody issued by investment trusts in the future.

As the draft of the Virtual Asset Service Law has passed the Executive Yuan review, traditional financial institutions are also gearing up, exploring ways such as acquiring local firms or building their own trading platforms to lay out virtual asset businesses, while Federal Bank prefers investment and cooperation rather than mergers, and remains open to future collaboration opportunities.

• Related report: Taiwan’s special law may pass this year! Rumors say four financial holdings are interested in acquiring exchanges, MaiCoin and HOYA BIT are under scrutiny

OneCard enters the crypto space, combining credit cards to promote green finance

Meanwhile, OneCard is also entering the crypto space through a new credit card launched by Federal Bank. In co-branded cards with Federal Bank and MaiCoin, OneCard acts as the exclusive electronic ticket partner, linking virtual assets and green finance via credit cards. The official platform states that card rewards can be exchanged for Bitcoin ($BTC), Ethereum ($ETH), Tether ($USDT), and $USDC , among others.

OneCard has launched co-branded cards with automatic synchronization of ticket cards, extending virtual asset applications to mass transit and small-value consumption scenarios. To encourage low-carbon lifestyles, users who complete specified conditions can earn stored value and green points, successfully turning carbon reduction actions into virtual assets, creating a new circular payment ecosystem.

Blockchain and traditional finance are complementary, not replacements

In a media interview, MaiCoin Chairman Liu Shih-wei stated that in the future, whether through tokenization, stablecoins, or other methods, virtual assets will have deeper connections and integration with traditional finance. Consumers will only need to enjoy near frictionless transaction experiences and benefits, without worrying about the underlying technology—this is the highest achievement of technology.

MaiCoin General Manager Chen Ming-hui told “Crypto City” that stablecoins on the blockchain and traditional financial institutions are “complementary” rather than “substitutes.”

From ECPay’s initial trial of Taiwan dollar stablecoins in 2018 to the significant rise in geopolitical changes and external attention to stablecoins by 2026, she believes that the cross-border stablecoin market demand has changed greatly. People are already thinking about how to make painless payments and reduce costs when using Taiwan dollars abroad—that is the future focus of financial payments.

Tokenization faces regulatory challenges, industry hopes for swift passage of special legislation

If the four major financial institutions such as stock exchanges or futures exchanges want to connect blockchain technology for tokenization, the biggest obstacle remains regulation.

Chen Ming-hui stated that since blockchain itself operates 24/7, but when financial institutions enter tokenization, they need to consider adjustments to mechanisms like opening/closing hours and after-hours trading. It depends on how quickly regulators act, but she believes that after the passage of the Virtual Asset Service Law, there will be more proactive efforts.

Since Peng Jinlong took office as Chair of the Financial Supervisory Commission, the speed of drafting special legislation and the flexibility in responding to crypto regulation have significantly improved.

Chen Ming-hui is optimistic about the current draft of the Virtual Asset Service Law, which references the laws in the US, Japan, South Korea, and Singapore. She finds it reasonable and flexible, hoping to complete legislation quickly so that financial institutions and the blockchain industry can truly take the next step.