Taiwan takes a stance on ICOs
FinTech in Taiwan: Regulatory Efforts and the Need for Speed

Taiwan takes a stance on ICOs

By Jim Bulling and Michelle Chasser

On 6 October 2017, Taiwan’s Financial Supervisory Commission chairman, Wellington Koo, attended a joint session of the Taiwanese parliament and cabinet in response to a request by legislator Jason Hsu to clarify Taiwan’s stance on cryptocurrency. During the session Koo pledged to adopt a friendlier stance to support the development of cryptocurrencies and blockchain and not follow neighbours China and South Korea who both recently banned initial coin offerings (ICOs).

This move appears to be well received by Hsu who stated “Just because China and South Korea are banning, doesn’t mean that Taiwan should follow suit – there is a huge opportunity for growth in the future. We should emulate Japan, where they treat cryptocurrency as a highly regulated, highly monitored industry like securities.”

FinTech in Taiwan: Regulatory Efforts and the Need for Speed

By Joseph P.Y. Tseng

To encourage financial services industry and the related industry to apply innovative technology for enhancing financial accessibility, practicability, and quality, on May 4, 2017, Taiwan’s Executive Yuan proposed the bill called “Financial Technology Innovation Experimentation Act” (the “Bill”) to create its version of “regulatory sandbox.” It would enable experimenting innovative financial technology within a well-defined space and duration under relaxed legal requirements.

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