Taiwan started to develop its indigenous space technology capabilities and possibly its space power from the 1990s. From 2016, Taiwan's President Tsai Ing-Wen has promised the new endeavor to boost Taiwan's economy with a stimulating policy focused on the "5+2 industrial priorities", including linking Taiwan's aeronautic and astronautic industries to the global aerospace economy production and service chains. As the aerospace technologies, particularly the technologies related with space launch, satellites systems for tele-communications, Earth observation, and navigation, have become indispensable for important national policy issues, such as national defense and security, advanced industrial upgrade, social economic development, cultural heritages preservation and environmental protection, a vibrant economy, such as Taiwan, undoubtedly follows the global trend to improve or start to develop their own space capabilities. Nonetheless, with Taiwan's particular nation status, its ambiguous relations with China, and the complex geopolitical situation in Asia, the development of Taiwan's indigenous space capabilities has naturally encountered important obstacles and challenges. This article firstly addresses the issue about Taiwan's motivation and national strategy when the country grows its space capabilities and the likely space power. Furthermore, we notice that any choice of Taiwan for developing its own space capability and space power remains closely connected with its sensitive role and limited room of maneuver notably in the complex (astro-)geopolitics in Asia. However, a complex Asian regional space race that intertwines competition and cooperation does not only imply Taiwan with obstacles but also opportunities. Finally, although Taiwan is not a UN member state, Taiwan will be needed to respect and integrate its national space policy to the UN norms and rules for the peaceful use of outer space whilst growing its own space capabilities. The good faith to fulfill the universal rules is noted not only to satisfy all countries' interests as well as for the entire humanity.