Taiwan will not regulate against initial coin offerings (ICOs) and cryptocurrencies like bitcoin and will avoid the hardline stance taken by the likes of China and South Korea.
In significant news today, Taiwan’s Financial Supervisory Commission chairman Wellington Koo has told a joint session of the parliament and the cabinet today that Taiwan will not follow the paths of China and South Korea in an outright ban on crypto-related activity. Instead, the head of Taiwan’s financial regulator pledged to adopt a friendlier stance to support the development and adoption of both cryptocurrencies and blockchain technology in the country.
As reported by The News Lens, Koo expressed the official stance following a request by legislator Jason Hsu, a congressman from Taiwan’s Nationalist party which has long adopted a deregulatory pro-FinTech stance.
A little over a month ago, China’s central bank announced a blanket ban on all ICOs, deeming them to be an illegal method of fundraising. The draconian legislation snowballed and is leading to the shuttering of bitcoin exchanges in mainland China. A week ago, South Korea followed suit and banned ICOs regionally. Japan, on the other hand, moved to follow legislation that acknowledged bitcoin as a legal method of payment from April this year.