Reports that Taiwan’s 4 financial holding companies are interested in acquiring cryptocurrency exchanges, with MaiCoin and HOYA BIT attracting attention.

Author: Fenrir, Crypto City

Clearer regulations drive financial giants to shift, and the competition for bank-controlled acquisitions of VASPs 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 wave of transformation. The rapid 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 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 $27.82M 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 as a new asset allocation option. Against the backdrop of the Executive Yuan approving the draft of the special 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 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 banks 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 have shown strong willingness, proactively in early 2026, to inquire about sale intentions from various virtual asset service providers (VASPs). These financial giants focus on providers with stable trading platform technology and large active user bases.
To ensure precise valuation of this cross-industry acquisition, four major accounting firms have been commissioned to conduct in-depth valuation and compliance risk assessments on specific targets. The timing of this entry is strategic, as the special law has not yet been fully enacted, leaving room for negotiation on target values. Once regulations are fully implemented and derivative products are open, the valuation of quality targets is expected to rise significantly, and missing the window could mean losing the first-mover advantage.
Industry insiders analyze that the current acquisition market shows polarized pricing. For example, MaiCoin Group, Taiwan’s largest local player, is estimated to have a bottom-line acquisition value around NT$10 billion, based on Union Bank’s investment amount and shareholding ratio. If the valuation does not reach this level, companies are highly likely to aim for an IPO to go public first.
For emerging players with unique technology entry points or specific customer bases, the sale price ranges from hundreds of millions to tens of billions of NT dollars, depending on technological maturity, user numbers, and growth prospects. VASP operators are generally open to such sales, believing that collaboration with financial holding companies can effectively address the gap between on-chain financial technology and traditional compliance teams. Especially during the promotion of the stablecoin sub-law, the financial institutions’ asset strength 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 acquisitions, new 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, aligning well with the customer-centric design and digital transformation efforts of bank-type financial holding companies.
Industry analysis suggests that HOYA BIT’s technological architecture and steadily growing user data make it an ideal target for large and medium-sized financial holdings to supplement 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 Pioneering Digital Technology and Cross-Chain Technology are also deepening their presence in niche industries. Cross-Chain Technology focuses on serving corporate clients and reached an investment agreement with Cooperative Venture Capital in January this year. XREX Group, leveraging its strengths in corporate services and cross-border payments, has 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 deeper levels of technological integration and business collaboration.

Bito Group’s market remains strong, and the implementation of the special law will accelerate the integration of finance and crypto industries
The relatively low coverage of Bito Group’s acquisition activity reflects differences in information disclosure. The estimated NT$10 billion valuation for MaiCoin Group is based on Union Bank’s publicly disclosed investment details, as a listed company required to report such data, providing a precise market reference.
As one of Taiwan’s two major giants alongside MaiCoin, Bito Group 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 confidential. Its status as a leading indicator remains unchanged. When evaluating acquisition targets, financial groups still regard Bito Group’s technological strength and market share as critical factors.
Taiwan’s virtual asset market is at a crucial turning point. As the stablecoin sub-law and accounting guidelines are gradually released, corporate asset recognition of stablecoins will become as liquid as deposits, significantly boosting 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 finance” ecosystem. Even if some acquisition 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.