The rise of cryptocurrency has transformed global financial landscapes, and in Taiwan, digital assets are increasingly becoming a core component of personal wealth management. Bankee, the digital-first banking platform under Far Eastern Bank, recently unveiled findings from its "2023 Virtual Asset Survey", shedding light on generational attitudes toward virtual asset adoption, investment behaviors, risk tolerance, and regulatory expectations.
This comprehensive study highlights how different age groups engage with digital assets—from awareness levels to investment strategies—and underscores the growing need for financial education and trusted institutional involvement in the crypto space.
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Generational Breakdown: Who’s Investing and How?
The survey segments respondents into four key generations:
- Z Generation (11–26 years) – Digital natives
- Y Generation (27–42 years) – The current workforce backbone
- X Generation (43–58 years) – High-income, experienced investors
- Baby Boomers (59–77 years) – Cautious adopters prioritizing security
Each group exhibits distinct behaviors, shaped by their financial maturity, technological familiarity, and risk appetite.
Z Generation: Risk-Taking Digital Natives
Often labeled as "crypto natives," individuals aged 11 to 26 demonstrate bold investment tendencies. Despite having lower overall wealth, they allocate a disproportionately high share of their portfolios to virtual assets.
Key findings:
- 22.4% of Z Gen investors hold virtual assets accounting for over 50% of their total net worth.
- Over half engage in meme coin investments, drawn by social trends and online communities.
- They favor contract trading (e.g., futures and leverage) over spot purchases.
- Self-research is their primary information source—over 60% rely on independent analysis rather than financial advisors.
- High enthusiasm but lower experience; many entered the market during the 2021 bull run.
While their aggressive approach can yield high returns, it also exposes them to significant volatility and potential losses—highlighting the urgent need for investor education tailored to younger audiences.
Y Generation: The Driving Force Behind Adoption
Aging between 27 and 42, Y Generation emerges as the dominant force in Taiwan’s virtual asset landscape. This cohort represents the largest proportion of current crypto holders and shows the strongest intent to increase exposure when regulatory clarity improves.
Notable insights:
- Highest self-rated familiarity score: 5.23 out of 10—topping all other generations.
- Investment willingness jumps to 7.56 (out of 10) if clearer regulations are introduced—an increase of 6.56 points, the most significant rise among all groups.
- They balance innovation with caution, favoring established platforms and diversified portfolios.
- Information sources include YouTube, financial blogs, and peer discussions in online forums.
Y Gen’s blend of tech-savviness, financial responsibility, and openness to innovation makes them ideal candidates for early mainstream crypto adoption—especially with institutional support.
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X Generation: The Silent Winners
Aged 43 to 58, X Generation may not dominate headlines, but they lead in performance. Often overlooked in crypto discourse, this group includes many long-term investors who entered the market over a decade ago.
Their advantages:
- Highest annual income bracket: Over 30% earn more than NT$3 million per year.
- Longest market exposure: Many have held assets since before 2013.
- Largest capital deployment: Highest percentage investing over NT$10 million in digital assets.
- Prefer BTC and ETH as core holdings; less likely to speculate on altcoins or meme tokens.
This generation exemplifies disciplined investing—buying during downturns, avoiding hype cycles, and treating crypto as part of a broader asset allocation strategy. Their success underscores the value of patience and experience in volatile markets.
Baby Boomers: Security-Focused and Institutionally Minded
Individuals aged 59 to 77 remain the least familiar with virtual assets, yet a growing number are showing interest—driven primarily by trust in regulated institutions.
Survey results show:
- 68.5% believe that financial institutions offering crypto services would boost their willingness to invest.
- 82.9% prefer platforms with strong regulatory oversight.
- Top concern: transaction security, far outweighing potential returns.
- Most cite lack of knowledge and fear of scams as primary barriers.
This generation’s cautious optimism signals a pivotal opportunity: bridging traditional finance with digital innovation through secure, compliant, and user-friendly banking-integrated solutions.
Awareness and Investment Willingness Across the Board
Beyond generational differences, the survey reveals broader national trends:
- Overall familiarity index: 5.17 / 10
- Holders’ familiarity: 6.49 / 10
- Non-holders’ familiarity: Only 3.56 / 10
Future investment intent:
- Current holders: 7.56 / 10
- Non-holders: 5.22 / 10
These numbers confirm a clear correlation between knowledge and engagement: the more people understand crypto, the more likely they are to invest—and stay invested.
Dai Sung-Chih, Deputy General Manager of Far Eastern Bank’s Digital Financial Division, emphasized that while progress has been made since the bank began collaborating with local VASP platforms in 2019, public education remains critical. He noted that many still don’t know how to open a crypto account safely, and confusion persists over roles—exchanges manage digital assets, while banks handle fiat.
“Bank involvement builds trust,” Dai said. “As regulation evolves, we see an opportunity to integrate crypto into mainstream personal finance.”
Regulatory Milestones Pave the Way
In September 2023, Taiwan’s Financial Supervisory Commission (FSC) released the "Guidelines for Managing Virtual Asset Service Providers (VASP)", marking a turning point for legal clarity and market legitimacy.
Key implications:
- Establishes anti-money laundering (AML) and know-your-customer (KYC) standards.
- Encourages collaboration between banks and licensed crypto platforms.
- Lays groundwork for institutional-grade custody and settlement services.
With clearer rules on the horizon, both Y and X generations express heightened confidence in expanding their crypto portfolios—especially if banks offer custodial or advisory services.
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Frequently Asked Questions (FAQ)
Q: What is the main takeaway from Bankee’s 2023 Virtual Asset Survey?
A: The survey reveals that virtual assets are no longer niche—they’re a meaningful part of personal finance across generations. Y Generation leads in adoption, Z Generation takes bold risks, X Generation wins through long-term discipline, and Baby Boomers await trusted institutional entry points.
Q: Which generation invests the most in virtual assets?
A: While Z Generation allocates the highest percentage of their assets to crypto, X Generation deploys the largest absolute amounts, with many investing over NT$10 million and holding positions for over a decade.
Q: How does familiarity affect investment behavior?
A: There's a strong link between knowledge and participation. Those who own crypto rate their familiarity at 6.49/10 vs. 3.56/10 for non-owners. Higher familiarity correlates with greater investment willingness and portfolio allocation.
Q: Why do Baby Boomers hesitate to invest in crypto?
A: Main concerns are security and lack of understanding. However, 68.5% say they’d be more willing to invest if financial institutions offered regulated crypto services—indicating trust in traditional finance remains key.
Q: What role should banks play in virtual asset adoption?
A: Banks can act as bridges—providing secure fiat gateways, educational resources, compliance frameworks, and integrated wealth management tools that help users transition safely into digital assets.
Q: Is Taiwan moving toward mainstream crypto adoption?
A: Yes. With FSC’s VASP guidelines, rising public interest—especially among Y and Z generations—and growing institutional collaboration, Taiwan is building a foundation for responsible, inclusive digital asset integration.
Core Keywords:
- Virtual asset investment
- Cryptocurrency adoption
- Generational investing trends
- Digital asset regulation
- Crypto education
- VASP guidelines
- Institutional crypto services
- Taiwan fintech
This evolving landscape calls for continued innovation, transparency, and collaboration between regulators, financial institutions, and tech platforms—to ensure safe, equitable access for all investors.