Striving to become a digital asset hub! Ge Ru-jun proposes: domestic Bitcoin ETF issuance and VASP tax incentives

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Author: Ariel, Crypto City Legislator proposes VASP tax incentives and Bitcoin ETF On April 28, Legislator Ge Ru-jun proposed several suggestions for Taiwan's crypto industry during a general interpellation, including expanding specialized personnel, establishing an education fund, providing tax incentives for Virtual Asset Service Providers (VASP), expanding the opening of Bitcoin ETF and stock tokenization, and studying virtual asset strategic reserves. Premier Cho Jung-tai promised to support organizational reviews, and Financial Supervisory Commission (FSC) Chairperson Peng Jin-long stated that relevant research reports on multiple proposals will be submitted in one month. Virtual asset education fund still needs evaluation Taiwan's first batch of compliant VASP operators has been released, and the draft of the "Virtual Asset Service Act" has been submitted to the Legislative Yuan. Cryptocurrency is expected to enter the public eye in a more compliant manner in the future, but related anti-fraud awareness and investment education are still imperfect. In this regard, Ge Ru-jun proposed the establishment of a "Virtual Asset Education Fund" and suggested a model of joint funding by the government and industry players, such as each side contributing 100 million NTD to establish it together. Peng Jin-long responded that after referring to foreign systems, the FSC found that most resources are invested spontaneously by industry players, and there is currently no financial safety net design involving government co-funding. However, he promised that the FSC will further consolidate specific international practices and other feasible alternatives, and is expected to provide a detailed research report within one month. Executive Yuan leads the study to evaluate VASP tax incentives To enhance Taiwan's international competitiveness in the virtual asset field, Ge Ru-jun strongly suggested studying industry-specific tax incentives. He cited policies from countries such as Thailand, El Salvador, and Germany, proposing that Taiwan could consider exempting value-added tax until 2035, or granting legal and compliant operators a 5-year corporate tax exemption. Minister of Finance Chuang Tsui-yun responded that existing tax systems and incentives can be applied first, and if new exclusive incentives are to be added, a tax expenditure assessment must still be conducted. Cho Jung-tai agreed that this concept is consistent with the philosophy of the Statute for Industrial Innovation, and promised on the spot that the Executive Yuan would take the lead, tasking the Ministry of Finance and the FSC to study it and propose a general direction for tax incentives within one month. Retail investors buying Bitcoin ETF must wait for the report; stock tokenization is unlikely to launch in the short term Ge Ru-jun also called on the FSC to expand the opening of Bitcoin ETF and stock tokenization businesses. He emphasized that the United States, Canada, and Hong Kong have all approved spot Bitcoin ETFs, and Taiwan's current restriction to professional investors using sub-brokerage for offshore products may trigger capital outflow. Peng Jin-long responded that regarding the opening of sub-brokerage for the public to buy overseas virtual asset ETFs, if it is confirmed that it can be expanded after receiving the assessment report from the Securities Association, it will be explained to the public in the near future; as for domestic issuance, it needs to be coordinated with the legislative progress of the "Virtual Asset Service Act," and he agreed to submit a report within three months. In addition, stock tokenization cannot be launched immediately in the short term as it still requires the construction of infrastructure. Czech Bitcoin is an experimental project, not included in foreign exchange reserves Ge Ru-jun once again proposed the suggestion of strategic reserves for virtual assets such as Bitcoin and stablecoins, believing that the Central Bank should evaluate whether to convert a very small percentage of foreign exchange reserves into stablecoins or tokenized bonds. Cho Jung-tai responded that there is currently no case of a country listing Bitcoin as foreign exchange reserves. Ge Ru-jun immediately added that the Czech Republic has started buying, and more and more countries are studying it. However, in fact, the Czech Republic has not yet included Bitcoin in its foreign exchange reserves, but has included it in an investment portfolio experiment. Last November, the Czech National Bank announced the creation of a 1 million USD investment portfolio, allocating Bitcoin, USD stablecoins, and tokenized deposits on the blockchain. This move once triggered questioning from European Central Bank President Christine Lagarde. The official statement from the Czech National Bank pointed out that the investment portfolio is purely an experimental project to build a blockchain digital asset investment portfolio, with the purpose of testing digital asset management processes. The Czech National Bank has strictly separated the test assets from international reserves, clearly emphasizing that the purchase of Bitcoin has not included it in foreign exchange reserves, and its price volatility does not affect the Central Bank's ability to carry out foreign exchange interventions at all. (The above content is authorized for excerpt and reprint by our partner "Crypto City", original link)

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