Taiwan Steel Group has formally set up Taiwan Steel Digital Asset Management Co., with both registered capital and paid-in capital at NT$200 million. The company was approved on February 24, Year 115, according to the source material. Li Yunqin is listed as the representative, while the chair role is held by a representative of Taiwan Steel New Retail Co. Its business scope covers software retail, investment advisory, and data processing services.
The move comes as Taiwan’s virtual asset service provider market shifts into a more competitive phase. What used to be a race centered on product positioning is now being shaped by capital strength, compliance capacity, internal control, internal audit, and information security. Banks are actively recruiting from existing VASP firms, and the report says higher compensation packages are already pulling experienced staff toward larger institutions.
Taiwan Steel returns to the sector with a compliance-led structure
Taiwan Steel New Retail was previously known as Creative New Retail. Before Taiwan Steel Group took effective control, the company had been active in blockchain-related business, and the person in charge at that time was Pan Yizhang, the former head of ACE Exchange. After ACE became tied to a criminal case, the company’s image was hit, and Taiwan Steel sharply scaled back blockchain operations while carrying out internal restructuring.
This new subsidiary marks a return, but under a different setup. The source says the step reflects the group’s completion of internal compliance reviews and a plan to re-enter the market with stronger capital backing and a more formal operating framework. For a traditional industrial group, this is not a symbolic entry. It is an organized restart with defined corporate structure.
Hiring pressure rises as compliance and security talent becomes scarce
Demand for crypto industry talent in Taiwan is moving higher. The report says the draft Virtual Asset Service Act is pushing firms to strengthen risk control and system design, making blockchain professionals with hands-on experience harder to find. Banks and large conglomerates are offering attractive compensation, and that is adding pressure to the existing labor pool.
The most sought-after roles are not limited to engineering. The main focus is on compliance, internal control, internal audit, and information security. As regulation tightens, the ability to build operating systems that can stand up to scrutiny is becoming a basic requirement for expansion.
Foreign crypto firms are also building a presence in Taiwan
International firms are part of the same story, with many clustering in Taipei’s Xinyi District. Binance has registered in Taiwan as Binance International Limited Taiwan Branch and received approval in May, Year 112. Nirun Fuwattananukul is listed as the responsible person, and the branch has domestic operating capital of NT$30 million. Its registered business items include software services, third-party payments, and network authentication services.
Custody firm BitGo has also established a foothold. BitGo International Limited Taiwan Branch was approved in July, Year 114, with Michael Allen Belshe listed as the responsible person and registered operating capital of NT$5 million. Its office is located on Xinyi Road Section 5. Another entrant, First Answer Taiwan LLC, which has a Singapore background, was established in September, Year 113, and recently changed its responsible person from Lin Baoliang to Kuo Tzu-yin.
Regulation is pushing the market toward institution-grade competition
Taiwan’s Financial Supervisory Commission is tightening oversight of VASP businesses. The report says regulation is moving beyond anti-money laundering alone and toward broader industry supervision. It also points to Article 12 of the registration rules for businesses or personnel providing virtual asset services as one reason new entrants are rushing to recruit compliance-related staff.
That shift is changing how competition works in Taiwan’s crypto market. Technology alone is no longer enough. Capital depth, compliance execution, and security standards are becoming the main points of comparison as local groups, banks, and foreign service providers expand at the same time.