Title: Binance CEO Visits Taiwan to Discuss the Future of Web3 Industry
Author: Changpeng Zhao, CEO of Binance
Taiwan is known as the “Island of Technology” and I recently had the opportunity to visit this beautiful country. During my visit, I had the privilege of meeting with representatives from various industries, government officials, and academics to discuss the prospects and opportunities of the Web3 industry in Taiwan. We also explored how different sectors can collaborate to create new value and address the challenges brought by emerging technologies in this global Web3 wave.
This year, the world is experiencing a new wave of excitement surrounding Web3, which has brought the long-dormant crypto market back into the spotlight. With the approval of Bitcoin spot ETF by the US SEC, traditional institutional investors have flocked to the crypto market. The anticipation of Bitcoin halving has not only pushed its price to new historic highs but has also boosted the overall performance of the crypto market. In a similar vein, the rising interest in AI has propelled the market value of tech giants like Nvidia. Statistics show that Nvidia’s market value alone is approaching the total value of the crypto market, indicating the potential for further growth in the crypto market.
The approval of Bitcoin spot ETF not only brings new vitality to the crypto market but also represents a significant milestone in the mainstream adoption and compliance of crypto assets. It may have profound implications for the future global financial landscape. Embracing the financial innovations brought by the Web3 era and being prepared for it early on are crucial in gaining an advantage in this wave.
As one of Asia’s important economies, Taiwan has many competitive advantages in developing the Web3 industry. It boasts a strong foundation in high-tech talent and engineering and design expertise. The widespread internet usage and high digitalization have also nurtured a natural and mature Web3 community and Generation Z, who are not only highly receptive to new things but also have independent thinking and are unwilling to be constrained by traditional frameworks. Taiwan’s open and diverse environment undoubtedly provides the best conditions for innovation. This has been deeply felt during my multiple visits to Taiwan.
In terms of industry supervision, Taiwan’s regulatory framework, guided by the Financial Supervisory Commission, is gradually becoming mature and comprehensive, providing clarity for the industry. It is worth mentioning that Taiwan’s future policy vision also emphasizes accelerating financial technology innovation and expanding inclusive finance, with blockchain being one of the key technologies. All these efforts demonstrate the Taiwanese government’s commitment to the industry. As a former financial regulator, I strongly believe that compliance is essential for the long-term and stable development of an industry. However, I also understand that industry development should be accompanied by encouraging innovation, attracting foreign investment, and attracting talented individuals to create a win-win situation.
Having said that, as an emerging technology, it is undeniable that the industry still faces many challenges or pain points that need to be overcome, such as reducing technical barriers and expanding application scenarios to make it more accessible to the general public. Additionally, close cooperation with regulatory and law enforcement agencies worldwide is needed to establish regulatory frameworks and combat illegal activities, promoting responsible and sustainable development of the industry.
I firmly believe that the era of inclusive finance that Web3 aims to achieve will eventually come, benefiting people worldwide. In Taiwan, I believe that through collaboration between the government and Web3 companies, Taiwan has the opportunity to replicate its success story in the semiconductor industry in this field. Taiwan can become a true “Island of Web3 Technology” on the global stage. As for Binance, just as I promised during my participation in the Taipei Blockchain Week last year, we will continue to collaborate with Taiwan’s community, industry players, and even government agencies to jointly build a thriving Web3 ecosystem.
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