Taiwan’s Financial Supervisory Commission (FSC) has expressed its support for the mainstream adoption of initial coin offerings (ICOs), virtual currencies, and Blockchain in the country. The move is similar to Japan’s friendly approach to the disruptive innovations and in contrast to the campaigns by China and South Korea against them.
Based on a report by The News Lense, the Taiwanese government’s support for ICOs, digital currencies, and Blockchain was announced by FSC chairperson Wellington Koo following a request made by Congressman Jason Hsu of the Nationalist Party during a parliamentary session.
In his announcement, Koo said that there would be no outright prohibition on cryptocurrency-related activities in the country. He further claimed that the government will support innovators in their bids to experiment with Blockchain and virtual currencies.
In his comment on Koo’s statement, Hsu said that the parliament will also pass the “Financial Technology Innovation Experimentation Act” to support the government’s action. Under the bill, all financial technology (fintech) activities and Blockchain startup companies will be allowed to freely operate in the country’s deregulated industry.
“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.”
Other cryptocurrency-related developments worldwide
The Chinese government earlier announced that it is banning ICO activities across China, stating that the coin sale is an illegal method of fundraising. This move was imitated by South Korea, which imposed a regional ban on ICOs.
In Japan, the government has declared that the leading digital currency Bitcoin can be accepted as a form of legal payment starting May 2017.