Financial Supervisory Commission of Taiwan has expressed its assist for the mainstream adoption of initial coin offerings, digital currencies like bitcoin, and Blockchain technology in the nation. The move is just like Japan’s friendly method to the disruptive improvements and in comparison to the campaigns by China and South Korea in opposition to them.
The Taiwanese government’s assist for initial coin offerings, digital currencies including bitcoin and ethereum, and Blockchain technology was introduced by Financial Supervisory Commission chairperson Wellington Koo following a request made by Congressman Jason Hsu of the Nationalist party throughout a parliamentary session.
In his statement, Wellington Koo mentioned that there would be no outright prohibition on digital currency associated activities within the Taiwan. Koo additionally claimed that the authorities would assist innovators of their bids to test with Blockchain and digital currencies.
In his comment on Koo’s announcement, Jason Hsu mentioned that the parliament would bypass the Financial Tachnology Innovation Experimentation Act to assist the authorities’ action. Beneath the bill, all financial technology activities and Blockchain startup organizations will be allowed to freely perform within the nation’s deregulated business.
Jason Hsu stated:
“Simply because China and South Korea are banning, doesn’t suggest that Taiwan should follow suit there’s a big possibility for increase within the nearest future. We should emulate Japan, wherein they deal with digital currency as an incredibly regulated, highly monitored business like securities.”
The China’s authorities earlier introduced that it is banning initial coin offering throughout China, mentioning that the coin sale is an unlawful approach of fundraising. This move was imitated by South Korea, which imposed a local ban on initial coin offerings. In Japan, the authorities has declared that the main digital currency Bitcoin may be accepted as a way of legal payment beginning from May.