Wellington Koo, president of the Financial Supervisory Commission (FSC), today expressed Taiwan's desire to imitate Japan's privacy rules, and at the same time he did not want to adopt a heavy legal approach to ICOs. In a statement, it was reported that a design designed to facilitate the creation of regulatory sandboxes for Taiwan's FinTech industry was based on the emergence of the "Financial Innovation Experimentation Act," which preceded Taiwan's parliament.
Chairman of the Taiwan Financial Oversight Commission, expressed his reluctance to develop Regulation on Cryptography with Heavily Encrypted Cryptography
News Lens said that the Financial Supervisory could not regulate against finished goods, saying it believed that encryption and distribution cost technologies are a big potential growth industry for Taiwan.
In the explanations, Taiwan responded to the request to clarify the official attitude about encryption. During the parliamentary and cabinet joint session, questions were raised by the Kuomintang Party deputy Jason Hsu. Hsu remarked on Koo's position in front of the "Law of Financial Innovation Test".
The Financial Innovation Experimentation Act refers to a design proposed by Executive Yuan in May. The bill encourages Taiwan's FinTech industry to develop a "regulatory virtual space" approach to encourage innovation in the testing sector. K & L Gates published an article in the past days, arguing that when the bill is passed it is "a tried-and-true place with innovative financial technology and that it can perform its tests under comfortable legal requirements". The bill includes the legally enactment of the year 2016. The FSC drafted a technical review published by the Taiwan Financial Supervisory Commission, which advocates the pursuit and development of both "private and public" block chain technology applications.
Taiwanese Parliament Will Consider Bill Designed to Encourage the Development of Regulatory Sandboxes for Fintech Industries in Taiwan
Hsu suggested that Taiwan adopt a regulatory framework similar to that of Japan and avoid the legislative path taken by China and South Korea - the Congressman suggested encouraging innovation in the developing ICO industry, as well as adopting dominant regulatory approvals. and use. "The prohibition of China and South Korea [ICOs] does not mean that Taiwan has to comply because there is a great growth opportunity in the future," Hsu said. The cryptocracy was regulated at a high level, followed by industry like securities. "
Taiwan's cryptographic concurrency and distributed notebook technology industry has shown signs of significant improvement in recent years. Maicoin, the country's only virtual currency exchange platform, now houses about 25,000 active users, roughly equal to about 1 of about 1,000 Taiwanese citizens. Maicoin's sister company, Amis, is trying to develop a special blockbuster consortium, as well as Taiwanese financial institutions that have already signed agreements with Taipei Fubon Bank and Taishin International Bank. Over the past few months there have been some off-shore vegetative exchanges to enter Taiwan's cryptocratic markets, including Hong Kong's Tidebit and Japan's Bitpoint.