Categories: CryptoNews

Taiwan Takes Proactive Stance on Cryptocurrency, Set to Create “FinTech Sandbox”

Taiwan will not regulate cryptocurrencies or initial coin offerings, following pro-Bitcoin Japan in fostering the growth of blockchain technology and encouraging economic growth.

In a joint session of Parliament and the Cabinet on October 6, 2017, chairman Wellington Koo of Taiwan’s Financial Supervisory Commission announced that Taiwan would move to support the adoption of cryptocurrencies within the country and adopt a friendly stance toward blockchain technology development.

The announcement came in response to a request for clarification from Nationalist Kuomintang Party congressman Jason Hsu, who had queried Koo regarding Taiwan’s official stance on cryptocurrencies. In the address, Koo stated that Taiwan would refrain from following in the footsteps of China and South Korea, which have both implemented outright bans on cryptocurrency activity.

Koo’s statements echo Congressman Hsu’s recent suggestion that embracing blockchain technology could assist Taiwan in encouraging economic growth and catalyzing innovation. Hsu has indicated that Koo’s declaration could pave the way for the successful passing of the Financial Technology Innovation Experimentation Act, a legislative proposal designed to create a deregulated “FinTech sandbox” for cryptocurrency and blockchain startups.

Related Post

“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.”

The proposal appears to be the legislative realization of a 2016 white paper released by Taiwan’s Financial Supervisory Commission that argued for increased “efforts in the research and development of blockchain technology application” in both the public and private sectors.

Taiwan’s rapidly developing blockchain and cryptocurrency technology industries are set to benefit greatly from the impending legislation. Maicoin, Taiwan’s only digital currency exchange platform, currently boasts more than 25,000 users — or almost one in 1,000 citizens of the island nation.

Maicoin’s sister company, AMIS, has entered into a partnership with Microsoft to create Asia’s first

blockchain consortium, which has already established relationships with Taipei Fubon Bank and Taishin International Bank. Recently, a number of offshore cryptocurrency exchanges have positioned themselves to enter Taiwan’s emerging market, including Japan-based Bitpoint and Hong Kong’s Tidebit.
Samuel Town

Samuel is a freelance journalist, digital nomad, and crypto enthusiast based out of Bangkok, Thailand. As an avid observer of the rapidly evolving blockchain ecosystem he specializes in the FinTech sector, and when not writing explores the technological landscape of Southeast Asia. Follow him on Twitter: @sam_town_writes

Share
Published by
Samuel Town

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

59 mins ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

1 hour ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

2 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

3 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

6 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

7 hours ago