Taiwan to Issue Draft ICO Regulations by June 2019

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Taiwan to Issue Draft ICO Regulations by June 2019

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Taiwan is reportedly going to release an initial draft of ICO regulations in the country by June 2019, according to local English Daily Taipei Times. The Chinese republic is looking to regulate the ICO industry like other countries around the world but progress has been slower than usual.

The chairman of top Taiwanese regulator Financial Supervisory Commission (FSC), Wellington Koo, while speaking at a meeting of Legislative Yuan Finance Committee, said that increased regulation might hurt the “new economic behavior”. His statement shows that the regulators are resisting moves to over-regulate the industry and are instead, looking to implement common-sense regulations only.

While mainland Communist China has banned ICOs and cryptocurrencies in its territory, Taiwan has, as yet, resisted attempts to regulate the industry, believing that would hurt progress. The authorities themselves are currently using existing anti-money laundering legislation to deal with cryptocurrencies and ICOs.

While regulation may occur by June 2019, the Taiwanese regulator has reassured the sector by saying that it does not plan to make rules that will curb the new sector and innovative creations.

Taiwan’s approach is in contrast with many governments around the world including the United States where ICOs are either banned or subject to overbearing red tape and regulations.

 

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