Four Taiwanese financial holding companies are interested in acquiring cryptocurrency exchanges, with MaiCoin and HOYA BIT drawing attention.

Author: Fenrir, Crypto City

Clearer regulations drive financial giants to shift, and the VASP acquisition race officially begins
As the Financial Supervisory Commission plans to implement the “Virtual Asset Service Law” by 2026, Taiwan’s financial sector is experiencing an unprecedented transformation wave. The accelerated development of this special law provides a clear compliance pathway for traditional financial institutions to enter the cryptocurrency market. Observing the current market context, financial holding groups have shifted from simple agency payment collaborations to seeking acquisition strategies with dominant control.

• Fubon Group has demonstrated high strategic foresight by establishing Fusheng Digital (TWEX Taiwan Virtual Asset Exchange) through its subsidiary Taiwan Mobile (3045). The platform officially launched in May 2025. This year, Mastercard signed a memorandum of understanding with Fusheng Digital to promote on-chain transfers and cryptocurrency payment applications, making it the most deeply involved financial holding force in Taiwan. This model, combining telecom giants with financial resources, shows a strong desire among traditional companies to expand into digital assets.
• Union Bank (2838) revealed its investment plans in its 2025 financial report, with the board approving in August an investment of $27.817 million USD to acquire approximately 9.67% of Modern Wealth Holdings (MaiCoin Group’s parent company). Union Bank also plans to transfer all shares held by Union Venture Capital to the bank entity itself, strengthening its direct involvement in virtual asset businesses.

For financial holding groups, virtual assets are emerging options in asset allocation. Against the backdrop of the Executive Yuan approving the draft law, issuing stablecoins without authorization will face severe penalties. This measure effectively eliminates market instability factors, making compliant exchanges attractive targets for financial institutions. Mergers and acquisitions have become the fastest way for financial groups to quickly fill gaps in on-chain financial technology.

• Related news: Virtual Asset Service Law Draft Summary: Stablecoins, Licenses, Penalties Explained

Valuation ranges from hundreds of millions to billions, with financial groups and accounting firms conducting in-depth assessments
According to an exclusive report by the Economic Daily, three bank-type financial holding companies and one life insurance-type financial holding company have shown strong willingness, proactively inquiring about sale intentions from virtual asset service providers (VASP) starting early 2026. These financial giants focus on providers with stable trading platform technology and large active user bases.
To ensure precise cross-industry mergers and acquisitions, four major accounting firms have been commissioned to conduct in-depth valuation and compliance risk assessments on specific targets. Financial institutions are choosing to step in now because the draft law has not yet been fully approved, and target valuations still have negotiation flexibility. Once regulations are fully implemented and derivative products are opened, the valuation of quality targets is expected to rise significantly, and missing the timing could mean losing the first-mover advantage.
Industry insiders analyze that the current M&A market pricing system is polarized. Taking MaiCoin Group, Taiwan’s largest local platform, as an example, if we estimate based on Union Bank’s investment amount and shareholding ratio, the acquisition baseline price is around 10 billion NTD. If this valuation is not met, most players will likely aim for an IPO to go public for the first time.
For emerging players with unique technology entry points or specific customer bases, the sale baseline price varies from hundreds of millions to several billion NTD, depending on technological maturity, user numbers, and growth prospects. VASP operators are generally open to this, believing that combining with financial groups can effectively address the gap between on-chain financial technology and traditional compliance teams. Especially during the promotion of the stablecoin sub-law, the asset strength of financial institutions will be a key support for exchanges to move toward inclusive finance.

Emerging players show strong potential, with HOYA BIT becoming a key piece in the on-chain puzzle
In this wave of mergers and acquisitions, emerging exchanges like HOYA BIT (Hoya Digital Technology) have attracted significant market attention. Compared to traditional platforms established over ten years ago, HOYA BIT demonstrates high technological flexibility and market adaptability. The platform has long focused on providing user-friendly trading experiences, a customer-centric design philosophy that aligns well with the digital transformation goals of banking-type financial holding companies.
Industry analysis suggests that HOYA BIT’s technological architecture and steadily growing user data make it an ideal target for mid-to-large financial groups to fill gaps in their virtual asset portfolios. For financial institutions observing the market, acquiring such high-growth, transparent-operating companies can achieve transformation goals more efficiently and cost-effectively.
Besides HOYA BIT, players like TuoHuang Digital Technology and Cross-Chain Technology are also deepening their presence in their respective niche industries. Cross-Chain Technology focuses on serving corporate clients and reached an investment agreement with Hezuo Venture Capital in January this year. XREX Group, leveraging its strengths in corporate services and cross-border payments, attracted investments from Cathay Capital (2883) and the world’s largest stablecoin issuer Tether. These emerging players share the characteristic that their interactions with financial institutions have long gone beyond simple capital exchanges, entering the realm of technical integration and business collaboration.

BitoGroup’s market remains strong, and the implementation of the law will accelerate the integration of finance and crypto industries
The relatively low mention of BitoGroup’s M&A activity reflects differences in information disclosure levels. The estimated 10 billion NTD valuation for MaiCoin Group is based on Union Bank’s publicly disclosed investment details as a listed company, providing precise market reference points.
As one of Taiwan’s two major giants alongside MaiCoin, BitoGroup has been operating for over ten years, maintaining a leading position in user base and capital scale. The lack of publicly available valuation data only indicates that its current equity structure is relatively stable or that negotiations are still more confidential. Its status as a leading indicator remains unchanged. When evaluating acquisition targets, the technological strength and market share of BitoGroup remain critical factors for financial groups.
Taiwan’s virtual asset market is at a critical turning point. As stablecoin sub-laws and accounting guidelines gradually come into effect, corporate asset recognition of stablecoins will become as liquid as deposits, significantly stimulating corporate demand for virtual asset trading.
Whether it’s three bank-type or life insurance-type financial holding companies, their ultimate goal is to establish an “on-chain integrated financial” ecosystem. Even if some merger negotiations do not succeed, cooperation between financial institutions and VASP operators will enter a new phase. This acquisition inquiry initiated by financial holding companies marks Taiwan’s crypto industry’s official departure from a solo approach, accelerating toward deep integration with the traditional financial system.