Taiwan will not prohibit cryptocurrency activities

Today, Chairman of the Financial Supervision Committee of Taiwan Wellington Ku said at a joint session of Parliament and the Cabinet that Taiwan will not follow the path of the above countries in a direct ban on crypto-currency activities. Wellington Koo also pledged to leave space open for the development of cryptocurrency and distributed ledger technology in Taiwan.

According to The News Lens, Ku expressed an official position at the request of legislator Jason Hsu, a congressman of the Taiwan nationalist party, who accepted the position of FinTech deregulation.

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According to Hsu, today’s statements are also accompanied by the successful completion of the Law on Experiments in the Field of Innovative Technologies at the same parliamentary session. If the bill comes into force, then the legislation will formally create a software environment for launching cryptocurrency in a deregulated space.

“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,” Hsu said yesterday. “We should emulate Japan, where they treat cryptocurrency as a highly regulated, highly monitored industry like securities.”

China recently banned crypto exchanges and initial coin offerings (ICOs), in which companies seek investment in the form of cryptocurrency to pursue crypto-related development, ahead of its critical National People’s Congress in mid-October. Korea prohibited ICOs and is reviewing the status of trading on its exchanges.

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