How Does Ge Ru-jun View the Challenges in the Development of the Cryptocurrency Industry?
As the wave of digital finance sweeps across the globe, the development and regulation of virtual currencies have become focal points of concern for various countries. At the “Bitcoin National Reserve – 2025 Second Forum on Innovative and Derivative Product Regulatory Strategies” held yesterday (14th), in-depth discussions were conducted on the potential of cryptocurrencies as national reserves, regulatory strategies for innovative financial products, and Taiwan’s development direction in this field.
After the event, legislator Ge Ru-jun accepted media interviews, where he shared his professional insights on the challenges Taiwan faces in cryptocurrency regulation and industry development.
How Should Bitcoin Be Preserved as National Reserves?
Regarding the preservation of Bitcoin as national reserves, Ge Ru-jun believes this is not an insurmountable challenge. He pointed out that Taiwan has a wealth of talent in cybersecurity and cryptography, which should be sufficient to meet the preservation needs of digital assets.
Ge emphasized, “In fact, I believe that preserving virtual currencies for a country is not more difficult than preserving our personal data.”
He argued that if the government already has mature technology and experience in personal data protection, then preserving Bitcoin should not pose a problem. Ge further stated that Taiwan possesses strong potential in the research and development and industrialization of cryptocurrency-related technologies. He specifically mentioned that Taiwan’s startup Cybavo was acquired by Circle, becoming an important part of its ecosystem, which demonstrates Taiwan’s technological prowess.
Moreover, he welcomed the involvement of existing financial industries in cryptocurrency custody services, believing this will help establish a more complete digital asset preservation system.
Should Cryptocurrencies Be Taxed in the Future?
The tax issues surrounding cryptocurrencies have sparked vigorous discussions globally in recent years, and Taiwan is no exception. With the proliferation of digital assets, investors’ attention to relevant tax regulations has greatly increased. However, due to the peculiarities of cryptocurrencies, their tax treatment is relatively complex, involving multiple aspects such as income tax and property transaction tax, which has led to widespread controversy. Online discussions regarding “Should cryptocurrencies be taxed?” and “How to tax them reasonably?” have ignited heated debates.
Ge Ru-jun believes the key lies in the government’s attitude and policy towards this industry. He emphasized that if government policies facilitate industry development, then moderate taxation is reasonable. However, if the government focuses solely on regulation and control without providing substantial support, then taxation could become a hindrance.
Ge pointed out, “If a government brings resistance to this industry, simply regulating without developing, then why should I pay them?” He believes that discussing cryptocurrency taxation is not unfeasible, but the purpose should be to promote industry development rather than merely focusing on tax revenue.
Additionally, Ge questioned the government’s fluctuating attitude towards cryptocurrency policies. He argued that the government should not deny its value during bear markets while hastily imposing taxes during bull markets. He urged the government to adopt a more consistent and forward-looking attitude towards this industry to avoid confusing the public.
What Are the Next Legislative Plans?
Regarding the next legislative plans related to cryptocurrencies, Ge Ru-jun believes that the most important task at this stage is to engage in sufficient communication with the government to enhance its understanding of the industry.
He stressed, “So I am seizing this golden opportunity to communicate and interact with the government, conveying the correct perspectives to them.” He believes that rushing legislation before the government truly understands the industry could lead to erroneous policies.
Ge also mentioned that if the specialized law draft proposed by the Financial Supervisory Commission does not meet actual needs, he will collaborate with other opposition party members to propose a more suitable version. However, he pointed out that regardless of the final bill passed, the new regulatory framework will inevitably impact the industry to some extent. He urged the industry to prepare accordingly and maintain good communication with the government to shorten the transition period.
Furthermore, Ge emphasized that legislation should be aimed at encouraging innovation rather than merely imposing restrictions. “Otherwise, should we require KYC for MetaMask?” He used this as an example to illustrate that if regulations demand KYC for decentralized applications, it would severely hinder industry development.
He believes that lawmakers should fully consider the peculiarities of the technology and avoid enacting excessively stringent or unrealistic provisions.
International Perspective and Taiwan’s Unique Development
In the global competition for digital assets, how Taiwan positions itself to secure a place in the global blockchain landscape has become a focal point for various sectors.
Ge Ru-jun believes that Taiwan has a unique international perspective and potential in the development of cryptocurrency. He pointed out that, compared to other international financial centers, Taiwan’s development model leans more towards “self-regulation,” allowing Taiwan to achieve a unique balance between regulation and innovation.
He emphasized that Taiwan has an active developer community, a mature market, and an open attitude towards new technologies, all of which are advantages that enable Taiwan to stand out on the international stage.
However, he noted that Taiwan’s regulatory model still requires improvement, and the government should adopt a more open mindset to understand the technology and provide appropriate management tools to truly leverage Taiwan’s unique advantages.