ICO Regulations Being Prepared For Taiwan

ICO Regulations Being Prepared For Taiwan
If you are considering investing in any Initial Coin Offerings in Taiwan any time soon then you are lucky as it could be as easy as putting money in stocks. Or at least so says Wellington Koo, the chairman of Taiwan’s Financial Supervisory Commission (FSC). Koo has said that regulations for government ICOs are currently being drafted with a view of smoothing over the process for investors and traders as well as making tokens just as liquid as stocks. As reported by the Taipei Times, during the finance committee meeting of the countries legislature, Koo revealed that the draft copy of the regulations will be prepared for summer of next year. The legislator, William Tseng asked whether the government at Taiwan was planning on regulating the ICOs. Tseng was prompted by a report that was initially released earlier in the year by Satis Group, an ICO advisory firm which had made the claim that over 80% of Initial Coin Offerings have resulted to scams. However, the regulations will not apply to all tokens. Notably, the financial supervisory Commission will spare utility tokens as it doesn’t need to regulate them. As written by the Taipei Times:
“Tokens exchanged for goods, such as those used in accruing points at convenience stores or mileage points accepted by airlines, would not be covered by the standards.”
According to Koo, this is to prevent enacting legislation would discourage innovation in the sector. Koo said:
“The commission has no intention of curbing the creativity and productivity associated with cryptocurrencies if they are not used as securities.”
Koo has been mostly supportive of digital currency space. Last year, the FSC chairman told countries parliament that he wouldn’t place outright bands on the crypto related activity in teh country like had been the case in China, South Korea and so on. At the time Koo indicated that he preferred having an enabling environment that would boost the development and adoption of blockchain technology and digital currencies in Taiwan. As reported by CCN
“Koo’s position was similar to that of Taiwanese legislator Jason Hsu, who had called on the government to follow a different path to that of China and South Korea.”
What are your thoughts? Let us know what you think down below in the comments!
Related Topics: