TAIPEI, February 6, 2024 -- Bitcoin returned to $45,000 at the beginning of 2024, driving the overall cryptocurrency market value to exceed $1.7 trillion. However, after the launch of spot Bitcoin ETFs in the United States, originally regarded as a milestone in the cryptocurrency industry, Bitcoin price has fallen 20% and still wavers at $40,000. Despite the deceleration that happened last week, net inflows of the 11 spot ETFs remain sizable, hitting 1.1 billion since launch!
This situation has already been the "New Normal" of the blockchain industry, and the “New Order” comes next. The increasing governmental regulation of centralized exchanges and Stablecoin makes the overall industry environment and development less permissive. At the same time, after the FSC officially became the competent authority for centralized exchanges and OTC in September last year, Taiwan’s VASP Association, and the KYC and AML mechanisms of major local exchanges are both in the active preparation stage.
Will Taiwan soon have special legislation to regulate cryptocurrency in 2024? How can investors master the upward and downward of cryptocurrency shocks? In addition, whether there are more cryptocurrency and blockchain technology applications is still the focus of Taiwans industrial development.
To explore the direction of blockchain and cryptocurrency industry development in Taiwan, the 7th "Hit AI & Blockchain" Summit was successfully held, gathering leaders from around the world to explore the direction of blockchain and cryptocurrency industrial development in Taiwan.
(Executive Yuan Vice Premier Cheng Wen-tsan (鄭文燦)）
Cheng Wen-tsan, Executive Yuan Vice Premier pointed out that in the face of various challenges brought about by the development of emerging technologies and digitalization, all government departments will strive to establish relevant institutional regulations and provide more computing and innovation spaces for collaboration with startups. This aims to enhance digital resilience and assist industries in progressing towards a better direction.
(Former Chairwoman of NDC & Chief Convener of Taiwan Blockchain Alliance Chen Mei-ling)
An award ceremony, "The 6th Blockchain Authority of Value" was also presented at the 7th "Hit AI & Blockchain" Summit today.
For the previous five award ceremonies, previous award presenters include Taiwans Vice President Lai Ching-te, Legislative Yuan President You Si-kun, the Former Premier of the Executive Yuan Chang San-cheng, Former Taipei Mayor Ko Wen-je, the Former Chairwoman of NDC & Chief Convener of Taiwan Blockchain Alliance Chen Mei-ling, Former NCC Chairwoman Nicole Chan, Former Taipei Deputy Mayor Huang Shan-shan, and Chairperson of Taiwan Women on Boards Association & Co-Founder of Lee, Tsai & Partners Attorneys-at-Law Jacyln Tsai.
(The 6th Blockchain Authority of Value Award ceremony)
For this years award, we invite Executive Yuan Vice Premier Cheng Wen-tsan (鄭文燦), to present an award and personally encourage high-quality blockchain start-up teams.
The winners are as follows: MaiCoin Group for the “Best Virtual Asset Service Provider”, BitoGroup for the “Best Infrastructure for Web3 Ecosystem and Cryptocurrency”, Rybit Cryptocurrency Exchange for the "Best Web3 Brand in Taiwan", Bitget for the "Best Cryptocurrency Derivatives Exchange“, BaaS Innovation for the "Best ESG Enterprise Blockchain Application", and CoinW Crypto Exchange for "Most Trustworthy Cryptocurrency Exchange in Asia".
About The 7th "Hit AI & Blockchain" Summit
Initiated and organized by KNOWING News, Bitnance and SR-Tech Media, the "Hit AI & Blockchain Summit" is the first summit that combines AI and Blockchain issues in Taiwan. The summits focus on the current status and future of AI and Blockchain through in-depth discussions about multiple applications of AI, 5G, smart cities, CBDC (Central Bank Digital Currency), DeFi (Decentralized Finance), NFT and Metaverse, and other key topics between leaders from Taiwan and overseas. We hope that starting from the "Hit AI & Blockchain Summit", we can help Taiwans artificial intelligence and blockchain industry to continue to flourish, make progress, and move forward.