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Author: Crypto City
_This article was updated and revised to the Executive Yuan's draft version on 2026/4/8_
Virtual Asset Service Law Draft Passes the Executive Yuan, a Quick Overview
Taiwan's cryptocurrency industry finally enters a clear regulatory era! Following the Financial Supervisory Commission's initial draft released last year, the Executive Yuan approved the amended draft of the Virtual Asset Service Law in early April this year, which will be sent to the Legislative Yuan for review. The goal is to improve the development and management of Taiwan's virtual asset businesses, protect the rights of traders, and promote financial technology innovation.
Compared to the 2025 version, the version approved by the Executive Yuan is stricter in penalties and management! After reading through the complex legal provisions, Crypto City has summarized four key points to help readers quickly understand. If you want to see the latest complete draft, you can check out this PDF file of the "Virtual Asset Service Law."
Virtual Asset Service Law Draft: 4 Key Points Summary
Key points

Investment bank TD Cowen has lowered the target price for Bitcoin investor Strategy from $440 to $350, a decline of 20.5%, but it maintains a “Buy” rating. At the same time, the firm is tracking four small cryptocurrency reserve companies for the first time, and all have been given “Buy” ratings. Analysts predict that Strategy’s Bitcoin revenue for fiscal year 2026 will fall to approximately $7.87 billion, and they model how three market scenarios will affect future performance. In addition, TD Cowen has added four potential stocks in emerging industries for tracking.

With the promotion of the Virtual Asset Service Act, Taiwan's financial giants have begun a merger and acquisition race between financial holding companies and virtual asset service providers (VASP), aiming to establish an integrated on-chain financial ecosystem. Fubon Group and Union Bank have actively laid out strategies, and emerging brands like HOYA BIT are gradually becoming acquisition targets, indicating that the deep integration of traditional finance and digital assets is accelerating.

Strategy (NYSE: MSTR) purchased 13,927 bitcoins for $1 billion in early April, with holdings totaling 780,897 bitcoins, accounting for 3.7% of the entire network. Although the average holding cost is $75,577 per bitcoin, it faces an unrealized loss of $3.6 billion. The funding mainly came from the issuance of perpetual preferred stock. Michael Saylor believes Bitcoin may have bottomed out, while Wall Street has lowered the company’s target price by 20%.

The breakdown of US-Iran peace negotiations has led to geopolitical tensions, and risk aversion has caused selling pressure in the cryptocurrency market, with Bitcoin falling below $71k. As Trump plans to blockade the Hormuz Strait, market panic has intensified, but analysts believe the structure of the cryptocurrency market remains stable. Recently, Bitcoin spot ETFs have also seen net capital inflows, indicating that institutional investors are still actively entering the market.

Author: Crypto City
_This article was updated and revised on 2026/4/8 to the version of the draft that was approved by the Executive Yuan_
The Virtual Asset Service Act draft passed through the Executive Yuan—one lazy-bag guide to see it all at once
Taiwan’s cryptocurrency industry has finally entered a clear regulatory era! After the Financial Supervisory Commission released a preliminary draft last year, the Executive Yuan approved, in early April this year, the revised draft of the “Virtual Asset Service Act,” which will be submitted to the Legislative Yuan for review. The goal is to improve the development and management of Taiwan’s virtual asset businesses, protect the rights and interests of traders, and promote innovation in financial technology.
Compared with the 2025 version, the version approved by the Executive Yuan is more stringent in both penalties and management! After reading through the dense legal provisions, “Crypto City” has outlined 4 major takeaways to help readers quickly understand them. If you want to know the latest full draft content, you can check out this “Virtual Asset Service Act” PDF file.
Four major takeaways from the draft Virtual Asset Service Act
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The article discusses the threat that quantum computers pose to Bitcoin’s cryptographic technology, especially the vulnerabilities of ECDSA and Schnorr signatures. To address these issues, developers have proposed a wallet ownership proof tool that does not expose seeds and a “quantum-safe Bitcoin” transaction scheme. The former does not affect system operation while safeguarding users’ assets, and the latter avoids changing core rules to fend off quantum attacks. Although these technologies are still being refined, they have improved Bitcoin’s ecosystem’s ability to respond to future threats.

TD Cowen significantly lowered the target price for Bitcoin investor Strategy held by large accounts to $350, a drop of 20.5%, but maintained a “Buy” rating. The analyst says Bitcoin return expectations have fallen, but they are bullish about the company’s business model. At the same time, TD Cowen for the first time followed four small crypto companies, all of which received “Buy” ratings, indicating that the investment market still has upside potential.

The Japanese government passed amendments to the Financial Instruments and Exchange Act, for the first time classifying cryptocurrencies as “financial products,” implementing regulation and banning insider trading. Issuers are required to disclose information annually. If the amendments are approved, they are expected to take effect in 2027. In addition, penalties will be increased: the maximum prison term for selling tokens without registration rises to 10 years, and the fine cap increases to 10 million yen.

With the push of the “Virtual Asset Services Act,” Taiwan’s financial giants have launched a M&A race involving financial holding companies and virtual asset service providers (VASPs), aiming to build an on-chain integrated financial ecosystem. Fubon Group and Federal Bank, among others, have already been actively laying the groundwork; newer players with brands such as HOYA BIT are increasingly becoming acquisition targets as well, showing that the deep integration of traditional finance and digital assets is accelerating.

Author: Nancy, PANews
Satoshi Nakamoto’s true identity remains the mystery that has continued in the crypto world for 17 years. Speculation about this pseudonym has never stopped—from cryptographers to corporate founders, various candidates have been brought up in turn, but there has always been a lack of evidence strong enough to settle the matter once and for all.
Recently, The New York Times published a long-form investigation of more than 10,000 words. Based on multiple comparisons drawn from language style, technical pathways, and historical context, it ranked Blockstream CEO Adam Back as the strongest candidate for Satoshi Nakamoto. However, this claim was quickly and clearly denied by Back himself, and the relevant arguments were widely questioned across the industry as being hard to support.
The dispute over Satoshi Nakamoto’s identity reignites as the long-form investigation targets Adam Back
In this investigation, New York Times reporter John Carreyrou spent more than a year thoroughly sifting through decades of archives, as well as the cypherpunk email list to

Author: Jae, PANews
Compared with the external pressure of a bear market, Aave has instead seen a “black swan” emerge internally first.
Aave, which has long occupied the throne of lending agreements, is now facing the most severe ecosystem shake-up since its founding. There has been no hacker attack, no code vulnerabilities—only power gone out of control and conflicting interests.
From BGD Labs, a technical cornerstone, decisively leaving, to a public break between governance pioneer ACI (Aave Chan Initiative), and then to Chaos Labs, the risk-management steward, announcing that it is parting ways— a major “service provider retreat” is unfolding.
The depth of this game goes far beyond a mere cooperation dispute; it has triggered

The Hong Kong Monetary Authority has announced the first batch of stablecoin issuer licenses. Only two companies have been approved: HSBC Bank and a point fintech led by Standard Chartered Bank. The license takes effect immediately. The companies are expected to begin operations within the next few months, marking an important milestone in Hong Kong’s digital asset development. The Monetary Authority’s Chief Executive said that stablecoin issuers, while ensuring safety, will promote financial innovation and the creation of economic value.

The Japanese government passed an amendment to the Financial Instruments and Exchange Act, for the first time classifying cryptocurrencies as “financial products,” implementing regulation and banning insider trading. Issuers will be required to disclose information every year; if the amendment is approved, it is expected to take effect in 2027. In addition, penalties will be increased: the maximum prison term for selling tokens without registration will be raised to 10 years, and the maximum fine will increase to 10 million yen.