The world of virtual assets is evolving rapidly, and as digital currencies become an increasingly common part of personal finance, understanding user priorities has never been more important. A recent comprehensive study — the Bankee 2023 Virtual Asset Survey — sheds light on what drives adoption, hesitation, and trust among Taiwanese consumers when it comes to cryptocurrencies and digital investments.
Commissioned by Far Eastern Bank’s digital financial brand Bankee, in collaboration with the Fintech Research Center at National Chengchi University and BitoGroup, this survey collected 3,434 valid responses between September 20 and October 6. Conducted with a 95% confidence level and a sampling error of ±1.67 percentage points, the findings reveal key insights into public perception, security concerns, and regulatory expectations surrounding virtual assets.
Key User Priorities: Security and Convenience Reign Supreme
When it comes to choosing a cryptocurrency exchange platform, two factors stand out above all others: security and convenience.
Among respondents who have held virtual assets, 80.9% cited transaction security as their top concern, making it the most critical factor in platform selection. This underscores a widespread demand for robust cybersecurity measures, transparent operational practices, and reliable asset protection protocols.
Closely following is ease of deposit and withdrawal (70.9%), highlighting that users value not only safety but also seamless access to their funds. For high-net-worth investors — those with investment amounts exceeding NT$10 million — the importance of withdrawal limits and processing speed becomes even more pronounced.
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Regulatory compliance also plays a significant role, with 65.8% of holders prioritizing platforms that adhere to legal standards. As governments worldwide move toward clearer virtual asset regulations, users are increasingly aligning their trust with institutions that demonstrate transparency and regulatory alignment.
Why Some Still Stay on the Sidelines
Despite growing interest, many remain on the sidelines. Among those who have never owned virtual assets, the primary reasons are clear:
- 75.3% say they simply don’t understand virtual assets well enough
- 55.1% express concerns about security risks
- 46.5% cite extreme price volatility as a deterrent
These findings point to a critical gap in education and trust-building. While technological infrastructure improves, the human element — awareness, confidence, and financial literacy — remains a major barrier to broader adoption.
Interestingly, familiarity correlates strongly with openness to regulation. Respondents who consider themselves knowledgeable about virtual assets tend to favor more flexible oversight frameworks rather than rigid controls, suggesting that informed users value innovation alongside accountability.
Demand for Stronger Regulation: 71% Want Financial-Grade Oversight
One of the most striking findings from the survey is the public's desire for stronger oversight. A remarkable 71% of respondents believe virtual asset platforms should be regulated with the same rigor as traditional financial institutions.
Only 23.6% felt that standard business-level regulation would suffice, while a mere 5.4% thought no regulation was necessary at all. This overwhelming consensus reflects growing recognition of virtual assets as legitimate components of modern finance — and the need for consumer protections to match.
This sentiment aligns with recent regulatory developments in Taiwan. In September, the Financial Supervisory Commission (FSC) released its Guidelines for Managing Virtual Asset Service Providers (VASPs), paving the way for formal industry self-regulatory organizations. These steps signal a maturing market where legitimacy, compliance, and consumer trust go hand-in-hand.
Building a Safer Digital Financial Ecosystem
Far Eastern Bank’s Digital Financial Division Vice President, David Tai, emphasized that “crypto itself is not the problem — it’s how bad actors misuse it.” He stressed that digital assets are emerging investment tools that banks must engage with responsibly.
Since 2019, Far Eastern Bank has partnered with local virtual asset platforms to create compliant, secure transaction environments. Now, through Bankee’s community banking model, the bank is advancing a four-pronged strategy:
- Detection: Developing real-time monitoring systems to identify suspicious transactions.
- Notification: Establishing ecosystem-wide alert mechanisms among VASPs.
- Control: Implementing account management and customer verification procedures.
- Improvement: Continuously refining anti-fraud and anti-money laundering (AML) protocols.
This collaborative defense framework aims to protect users without stifling innovation — a balance essential for sustainable growth in the digital economy.
Toward a New Era of Digital Finance
The survey results reinforce a clear message: users want safe, convenient, and well-regulated virtual asset experiences. As banking and blockchain converge, institutions like Bankee are leading the charge in building trusted ecosystems where digital finance can thrive responsibly.
With over 425 million cryptocurrency users globally and daily trading volumes reaching $68 billion, the momentum is undeniable. But adoption hinges not just on technology — it depends on trust.
By focusing on transparency, education, and cooperation between traditional finance and digital asset platforms, Taiwan is positioning itself at the forefront of a safer, smarter financial future.
Frequently Asked Questions (FAQ)
Q: What were the main concerns of virtual asset users in the 2023 survey?
A: The top two concerns were security (80.9%) and ease of deposit/withdrawal (70.9%). Regulatory compliance was also important to 65.8% of users.
Q: Why do some people avoid investing in virtual assets?
A: The most common reasons were lack of familiarity (75.3%), security concerns (55.1%), and fear of price volatility (46.5%).
Q: Do people want stricter regulation for crypto platforms?
A: Yes — 71% of respondents said virtual asset platforms should be regulated as strictly as banks, showing strong support for consumer protection.
Q: How was the survey conducted?
A: It was an online questionnaire conducted from September 20 to October 6, collecting 3,434 valid responses from social media users, Bankee customers, BitoEx clients, and students.
Q: What role are banks playing in the virtual asset space?
A: Banks like Far Eastern Bank are partnering with crypto platforms to implement anti-fraud systems, improve compliance, and build secure transaction environments.
Q: What does “VASP” mean in this context?
A: VASP stands for Virtual Asset Service Provider — companies that offer crypto trading, custody, or exchange services. They are now subject to increasing regulatory scrutiny.
As virtual assets become a mainstream part of financial portfolios, user-centric design — grounded in safety, accessibility, and regulation — will define success. The Bankee 2023 Virtual Asset Survey offers a roadmap for building that future: one where innovation serves protection, and trust fuels adoption.
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