The funding round was led by zipper manufacturer and software company WiseLink, along with four other private investors, including Chad Koehn, founder and CEO of United Capital Management of Kansas.

Convertible Bond Investment

WiseLink purchased three-year convertible bonds issued by Top Win. This investment is seen as a precursor to an as-yet-unannounced strategic collaboration between the two companies.

According to the company, the majority of the raised funds will be used to directly acquire Bitcoin. Additionally, Top Win plans not only to buy BTC but also to invest in publicly traded Bitcoin treasury companies.

To clarify its strategy and avoid the perception of being a “securities trading company,” Top Win stated:

“Our goal is not to trade securities but to pursue a long-term Bitcoin-focused treasury strategy.”

Luxury Watchmaker Shifts to Bitcoin Strategy

Taiwan-based luxury watchmaker Top Win International announced in May 2025 that it had transitioned to a Bitcoin treasury strategy. This shift followed a collaboration with Sora Ventures, which partnered with Metaplanet—the company that established Japan’s first corporate Bitcoin treasury in 2024.

The company even hinted at renaming itself to AsiaStrategy as a nod to MicroStrategy’s Bitcoin strategy, though official communications continue to use the “Top Win International” name.

Strong Leadership Team

During this transition, Jason Fang, founder and managing partner of Sora Ventures, joined Top Win’s board and assumed co-CEO duties alongside the existing CEO.

Stock Price Volatility

The capital raise announcement was positively received by the market on Friday. Top Win International’s shares rose approximately 13% in pre-market trading, reaching $5.82.

However, on the day in May when the BTC strategy was announced, the share price had reached $12.12. While today’s price represents a roughly 51% decline from that peak, the stock has still gained 52% year-to-date.

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The Financial Supervisory Commission (FSC) announced that professional investors in Taiwan can now invest in foreign crypto ETFs, provided certain criteria are met. This decision comes approximately six months after FSC chairman Huang Tianmu criticized cryptocurrencies in March, stating that they had “no connection” to the real economy. The regulator’s current move suggests a cautious approach, given concerns about the volatility of the crypto market.

Taiwan’s Crypto ETF Policy for Overseas Markets On September 30, the FSC revealed that the new policy was formulated in collaboration with the Securities Business Association of the Republic of China. This consultation emphasized the significant risks involved in investing in crypto ETFs.

As a result, access to these digital asset ETFs is restricted to professional investors such as high-net-worth individuals, institutions, and other qualified entities. Before offering these products, security firms must assess the investor’s level of expertise in digital assets and ensure board approval.

In addition, security firms are required to provide comprehensive product details and secure a signed risk disclosure from clients before their first purchase of ETFs.

Furthermore, the FSC mandates that security firms offer continuous education and training to their personnel on virtual assets, ensuring they thoroughly understand the products they handle.

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The FSC also emphasized that it will closely monitor security firms’ involvement in foreign crypto ETF activities and strengthen regulations to protect investors and ensure fair competition in the market.

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Yang Chin-long, Governor of the Central Bank of the Republic of China, stated that developing a central bank digital currency (CBDC) is not a race, and the central bank is focusing on steady progress rather than speed.

According to UDN’s news dated July 7, Yang said that being the first country to introduce CBDC is not a guarantee of success, and that countries that have already issued or tested CBDC have not achieved the desired results.

Yang outlined the central bank’s plans for a digital New Taiwan dollar in a report published June 7, before presenting to the Finance Committee on Wednesday, June 10.

Yang said the central bank is experimenting in three scenarios to improve domestic payment efficiency and innovation. While there is no set timetable for issuing a CBDC, efforts to improve the payment system’s processing efficiency and innovative applications are ongoing.

A key development is the CBDC prototype platform designed for retail payments. According to Yang, this platform can already support the cash flow operation of digital coupons, and transaction processing speeds can reach 20,000 transactions per second.

Additionally, a proof of concept for wholesale CBDC is in progress. This initiative combines CBDC with bank deposit tokens to create a future digital currency system. It aims to function as a liquidation asset for asset tokenization.

The central bank plans to apply tokenization technology to digitally transform wholesale central bank money and commercial bank money and support various asset tokens. To achieve its goals, the Central Bank of Taiwan is conducting proof-of-concept studies and collaborating with participating banks to create a common platform for tokenization.

The report states that this platform will be tested in three scenarios: intra-bank transfer of bank deposit tokens, simultaneous delivery of asset tokens and special purpose digital money.

Yang reiterated that Taiwan’s cautious approach to issuing CBDC is to meet the public’s digital payment needs and align with the government’s digital policy goals, aiming to provide significant benefits with this approach.

In March, the Financial Supervisory Commission announced that it plans to propose a new draft of digital asset regulations for Taiwan in September 2024. This aims to create more effective regulations for digital asset markets and ensure the safety of investors.

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The official statement made clear that the operation let crooks use bitcoin transactions to wash their illicit earnings. To get past law enforcement, the con artists used fictitious remittance paperwork, phony identity documents, and altered customer communication records.

Working with Binance, Taipei District Prosecutors Office prosecutor Lo Wei-yuan was able to untangle the strands and put together the complete picture of the suspicions against nine indicted persons who were charged with money laundering, fraud, and organized crime in compliance with pertinent laws and regulations.

The release noted: “Upon receiving the request, Binance set up a cross-border online meeting with the investigating officers and prosecutors to discuss the collaborative strategy.”

Beyond the usual compliance, Binance has taken steps and actively collaborated with law enforcement organizations all around the world. Among these is the first law enforcement training program in their business, a global coordinated effort to support prosecutors and law enforcement in identifying financial and cybercrimes and in prosecuting offenders.

Within Taiwan, Binance has become well-known. It filed for registration last year under the Money Laundering Control Act and the Financial Supervisory Commission (FSC) of Taiwan. The exchange has already been acknowledged by local regulatory agencies for its cooperative efforts in supporting investigations into fraud involving virtual assets.

Furthermore, the company shared its knowledge to fight crimes involving virtual assets in March by holding a virtual asset law enforcement training session for officers from the Keelung District Prosecutors Office in Taiwan.

Taiwanese authorities, in the in the meantime, intend to enact cryptocurrency laws by the end of 2024. Financial Supervisory Commission (FSC) head Huang Tianzhu has expressed worries over illicit activities driven by cryptocurrencies and intends to strengthen its supervision of cryptocurrency exchanges and apply punishments.

The suggested legislation would expose international bitcoin platforms to criminal consequences unless they registered as AML entities locally.

AML regulations now in place in Taiwan may be amended by the Ministry of Justice to include fines of up to $1.5 million and jail terms of up to two years for noncompliant businesses. The changes are meant to firmly control money laundering prevention procedures for cryptocurrency service providers and intensify the war on fraud.

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ACE Exchange Executives Charged in $24.5M Crypto Fraud Case

According to local media, 32 individuals, including ACE Exchange chairman Wang Chen-huan, Lin Keng-hong, ACE Exchange co-founder, and David Pan, founder, have been charged by the Taipei District Prosecutor’s Office with charges of fraud and money laundering.

Upon further investigation, prosecutors have determined that over 1,200 victims were swindled off about 800 million New Taiwan dollars (US$24.56 million). A previous calculation had placed the loss at NT340 million ($10.6 million), so this is a hike.

The study argues that the recommendation of the penalty is substantiated by the higher magnitude of the losses. People-versus-Wang prosecutors also proposed a minimum of twelve years for Wang, considering his professional role as a director of a major law firm and his supposed critical involvement in the conspiracy.

Having raided several places, among them Ace headquarters, the Taipei City police arrested Pan and fourteen others involved in the case in January 2024. The investigations ascertained that Pan was connected to a fraudulent cryptocurrency wallet service dubbed “Alfred” or “Afu wallet” and a token card linked to the service.

In 2019, the prosecution asserts that defendants used promotional materials and white papers to enhance their public image while touting investments in different tokens such as NFTC tokens, bitnature coins, mochange (ACE Exchange token), and others.

Crypto Platform Under Legal Scrutiny for Fraud

When promoting ACE Exchange, Pan and Lin aimed to make it the largest blockchain environment for trading cryptocurrencies in Asia. The tokens for most of the holders dropped sharply. The complaint that took place following the failure to receive the new Taiwan dollars as promised led to a legal investigation.

The defendant is said to have had assets worth over 3.5 million New Taiwan dollars, or $110,000, confiscated early this year after a court in Taiwan ordered its seizure.

Ace Exchange released a statement regarding the indictment on April 8, in which it was once again repeated that Pan is unrelated to the platform and his fraudulent activities are irrelevant since he allegedly ceased to be a part of daily operations in 2022.

Among the not-so-well-known centralized cryptocurrency exchanges is Ace Exchange, situated in Taiwan. Launched in late 2018, the platform trades about $14 million daily, as per CoinMarketCap data. According to Traders Union, Ace Exchange is a “high-risk cryptocurrency exchange” with a trust score of 2.78 out of 10.

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The local crypto industry working group, established in 2023 to lay the groundwork for an industry association, announced government approval for its application on Friday. This approval grants them the legitimacy to formally establish the association by June 2024, as mandated by the government.

Industry Giants Included, Troubled Exchange Removed

The working group currently boasts 22 member firms, including prominent Taiwanese cryptocurrency exchanges like MaiCoin and BitoPro. Notably, ACE Exchange was excluded due to ongoing investigations by prosecutors into alleged misconduct by its former executives.

While Taiwan currently enforces anti-money laundering (AML) compliance for crypto service providers through regulations introduced in 2021, the broader crypto industry remains largely unregulated. The newly approved association presents an opportunity for crypto firms to develop self-regulatory measures aligned with the Financial Supervisory Commission’s (FSC) customer protection guidelines issued in September 2023.

This development signifies a potential turning point for Taiwan’s crypto sector, fostering a more structured and potentially more attractive environment for cryptocurrency businesses and enthusiasts.

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In a statement Yung-Chang Chiang made, “After the first approval of the bill, discussions regarding the regulatory framework for the digital asset industry have moved on to the next stage.”

We hope that the “Financial Supervision Commission” can present its own legislation version to the legislative body, thus enabling different sectors of society to strengthen consensus throughout the process.” he added.

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Last month, while the Financial Services Committee (FSC) of Taiwan Parliament issued guidelines on the creation of an industry association that could establish its own self-regulating rules for the crypto sector, lawmakers had stated that such measures lacked legal applicability.

Therefore, under this special law, regulatory bodies can impose administrative penalties on businesses that violate self-regulation rules. Without such a special law, regulators will not have the authority to impose penalties.

Chiang, in a statement he made at a parliamentary session earlier this month, said that the special crypto law proposed by him and other 16 MPs would require all crypto platforms in Taiwan to make a permission application.

There is no set timetable for the bill’s second reading, but according to Chiang’s office, this may not happen until the end of 2024. The current term of all MPs in Taiwan ends this upcoming January.

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The Financial Supervisory Commission stated that, according to the new guidelines, domestic crypto platform companies must ensure the safekeeping of assets for both their companies and clients. It also added that they need to establish standards for the listing and delisting of cryptocurrencies and enhance information disclosure.

The guidelines also stated that offshore exchanges wishing to operate in Taiwan must register with the FSC.

The guide says, “Foreign virtual asset platform operators who are not registers according to corporate laws and do not declare compliance with anti-money laundering regulations to the FSC, cannot apply for business or target citizens in Taiwan.”

The FSC also specified that crypto exchanges are “not allowed to engage in transactions involving derivative financial products with businesses possessing virtual asset characteristics as their underlying asset.”

Previously, Taiwan had mandated VASPs to comply with anti-money laundering laws since the FSC implemented anti-money laundering rules in 2021.

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Regulations

After the guidelines are officially publish by the FSC, crypto exchanges in Taiwan are expecting to form an industry association and establish self-regulatory rules based on the guidelines.

The nine crypto exchanges currently located in Taiwan are preparing to establish an association in October. The exchanges decided to set up a working group to prepare for the association application.

Among them, Wayne Huang, the founding partner and Group CEO of Taipei-based crypto exchange XREX, stated;

He said that the FSC’s new rules could “give birth to a new industry by providing a solid path for legitimacy, supervision, growth for a new sector.”

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