Challenging China: Taiwan Supports Mainstream Adoption of ICOs and Bitcoin

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Taiwan’s Financial Supervisory Commission (FSC) has revealed its support for the mainstream adoption of initial coin offerings (ICOs), virtual currencies, and Blockchain in the nation. The relocation is comparable to Japan’s friendly technique to the disruptive developments and in contrast to the campaigns by China and South Korea versus them.Based on a report

by The News Lense, the Taiwanese federal government’s assistance for ICOs, digital currencies, and Blockchain was announced by FSC chairperson Wellington Koo following a demand made by Congressman Jason Hsu of the Nationalist Party during a parliamentary session.In his statement, Koo stated that there would be no straight-out prohibition on cryptocurrency-related activities in the nation. He further claimed that the federal government will support innovators in their bids to explore Blockchain and virtual currencies.In his talk about Koo’s declaration, Hsu said that the parliament will likewise pass the “Financial Technology Innovation Experimentation Act “to support the federal government’s action. Under the expense, all financial innovation(fintech )activities and Blockchain startup companies will be permitted to freely run in the nation’s decontrolled market.” Simply due to the fact that China and South Korea are prohibiting, does not indicate that Taiwan ought to do the same– there is a huge chance for development in the

future. We should replicate Japan, where they treat cryptocurrency as a highly controlled, highly kept an eye on industry like securities.”Other cryptocurrency-related advancements worldwide The Chinese government previously announced that it is banning ICO activities throughout China, specifying that the coin sale is an illegal method of fundraising. This relocation was mimicked by South Korea, which imposed a local ban on ICOs.In Japan, the federal government has stated that the leading digital currency Bitcoin can be accepted as a form of legal payment

starting May 2017.