Acquisition interest is building in Taiwan’s virtual asset sector. Citing people familiar with the matter, Economic Daily News reported that at least three bank-affiliated financial holding groups and one insurance-affiliated financial holding group have approached local virtual asset service providers, or VASPs, since the start of this year to ask whether their exchanges are open to a sale.
The reported goal is straightforward: gain blockchain finance capabilities and talent through M&A instead of building everything internally. Industry estimates cited in the report place asking prices anywhere from several hundred million New Taiwan dollars to more than NT$10 billion, depending on platform technology, user scale, and growth prospects.
Fubon and Union Bank have already moved
Some financial institutions are no longer just exploring. Fubon Group has already entered the market through Taiwan Mobile by setting up Fusheng Digital, which operates TWEX, the Taiwan virtual asset exchange. The platform officially launched in May 2025.
Union Bank, for its part, disclosed in its 2025 year-end financial report that its board approved an investment on August 25, 2025 in Modern Wealth Holdings, the offshore holding parent of the MaiCoin Group. The bank invested US$27.817 million, acquired 5.357 million shares, and obtained a 9.67% stake. It also plans to transfer all related shares held by Union Venture Capital into Union Bank’s name. Union Bank is also one of the financial institutions participating in the ongoing pilot for virtual asset custody services with MaiCoin.
Bids are forming before the law is finalized
Taiwan’s draft Virtual Asset Service Act was released by the Executive Yuan in April this year. The draft contains 56 articles, including provisions related to stablecoins, while business areas such as derivatives remain unavailable for now.
Even so, some financial groups have chosen not to wait. According to industry participants cited in the report, starting evaluations only after the law is formally passed could leave acquirers behind. On the seller side, many VASP operators are said to be open to discussions. Expectations in the market are that acquisition activity from financial groups could speed up once the law is enacted.
MaiCoin valuation seen above NT$10 billion
MaiCoin Group and BitoGroup are described as the two largest local platforms in Taiwan by user base and capital scale, with both having operated in the market for more than 10 years. Based on Union Bank’s disclosed investment amount and ownership percentage, industry estimates in the report suggest MaiCoin’s overall floor valuation is above NT$10 billion. If that level is not met, the group may continue pushing toward an IPO.
BitoGroup has no equivalent disclosed financial-sector shareholding to use as a direct benchmark. Still, the report says its verified user base, the BitoPro exchange, the BitoEX wallet, and its distribution reach through convenience stores across Taiwan support a valuation in a similar range.
The report also mentioned several newer players, including Hoya Digital Technology, Pioneer Digital Technology, X-Link Technology, and Fusheng Digital. Hoya and Pioneer differ in technology depth and user numbers, with estimated sale prices ranging from hundreds of millions to several billions of New Taiwan dollars. X-Link focuses on institutional clients and had already signed an agreement with Taiwan Cooperative Venture Capital in January this year. XREX also centers on institutional services, and its shareholders include CDIB Capital under KGI-related holdings as well as stablecoin issuer Tether, leaving less room for a financial group to drive a takeover, according to the report.