Blockchain technology has catalyzed the formation of a tokenized economy in recent years. The global digital asset market has undergone transformative phases—explosive growth in late 2017, volatility in 2018, and stabilization in 2019—yet giants like Facebook and LINE continue to invest heavily in tokenized ecosystems, even launching their own cryptographic tokens. At the Digital Asset Forum (hosted by MIC, NCCU FinTech Research Center, and Goldman Quantitative Finance) and the Token Economy Symposium (co-organized with KPMG), MIC Senior Industry Analyst Zhenhua Li shared insights on market opportunities and trends.
Key Market Shifts
- STO Regulation: Security Token Offerings (STOs), unlike ICOs, are asset-backed (e.g., equity, real estate) and increasingly regulated. Taiwan’s FSC introduced STO guidelines in October 2019, signaling broader institutional adoption.
- Exchange Competition: Traditional, crypto-native, and specialized exchanges will vie for STO dominance through partnerships, acquisitions, or licensing.
- Token Diversity: Beyond "mainstream coins" (Bitcoin, Ethereum), platform tokens (exchange-issued) and stablecoins (e.g., USDT) will gain prominence. Hybrid-asset tokens could disrupt the top 10 rankings within two years.
Future Trends
- Diverse Use Cases: Profit-sharing tokens dominate, but niche applications will emerge.
- Cross-Border STOs: Reduced transactional costs but require harmonized global AML policies.
- Protocol Standardization: Current fragmentation limits scalability; consolidated solutions could amplify market growth.
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FAQs
Q: What distinguishes STOs from ICOs?
A: STOs are asset-backed and regulated, offering investor protections absent in ICOs.
Q: Why are stablecoins critical?
A: They mitigate volatility, enabling smoother transactions and store of value.
Q: How might regulations shape the STO market?
A: Clarity could attract institutional players, boosting liquidity and legitimacy.