Taiwan To Create A Legal Framework For ICO Regulating

In Taiwan, the issue of ICO regulation has become very relevant. After the ban on crypto-activity in China, many traders and miners transferred their digital accounts and mining capacity to the island. This did not go unnoticed by the authorities in Taiwan, who decided to start searching for legal justifications for legal mining and crypto-investment.

As stated in the text of the press release of the Financial Supervision Commission of Taiwan (FSC), the issue of the legal status of the crypto-environment was brought up for discussion by the FSC Chairman Wellington Koo. Koo spoke at a meeting of the parliamentary finance committee, where he expressed the opinion of the regulator.

Mr Koo notes that the Government of Taiwan is preparing a framework for the ICO regulating. This will make it possible to facilitate the work for startups, protect investors and equate tokens to highly liquid shares.

The FSC Chairman also clarifies that the government of the country is going to regulate only part of the tokens. The utility tokens will not fall into this category, since, according to the regulator, they have a different purpose.

According to local media, the head of the country’s regulator is openly committed to using cryptocurrencies and blockchains. He has repeatedly stated that Taiwan should develop its own “unique strategy in relation to crypto-assets, unlike China or Korea do.”

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