Asia’s seventh largest economy Taiwan has put ahead a beneficial regulation for crypto and Blockchain companies, as the government identified the potential of Blockchain technology in supporting the economic growth of the country.
Taiwan: The Next Big Market
The government of Taiwan has not drafted or passed any official legislation regarding Cryptocurrency and Blockchain regulation. However, led by Congressman Jason Hsu, Government officials and leading Cryptocurrency companies built the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO) to establish quality industry standards and methodologies.
Taiwanese government officials have taken an early strategy to self-regulate the local Blockchain sector in order to make the means of regulating the market for the government more efficient.
For many years, Taiwan was criticized by the International Technology Sector for the absence in regulations for the FinTech markets. Unlike Japan, which recognized its weakness in the area of FinTech and innovative technologies, the government of Taiwan has strived to adopt relevant and disruptive technologies.
But the approval of the Financial Technology Innovations and Experiment Act, that permits crypto startups to function for years without regulatory risks, marked the initial major step towards practical regulation in country’s Financial Services sector. It may even speed up the process of passing a potential decentralised ledger based regulatory framework in the near future.
Jason Hsu, the crypto-supporting congressman of Taiwan, has held conventions with the largest companies in the global Cryptocurrency sector, including Binance, to guarantee that the local Cryptocurrency sector can proceed to grow at a speedy rate with the approval and assistance from the government.
Crypto will help Taiwan
Japan and South Korea, the second and fourth largest economies in Asia, have witnessed exponential development in their own industries, essentially due to the implementation of friendly regulatory frameworks.
As NewsBTC earlier reported, the Financial Services Agency (FSA) has recently extended its crypto team to guarantee it can meet the increasing demand for Cryptocurrencies by local businesses.
Moreover, as Leo Lewis, a Tokyo Correspondent for FT in Japan reported, Nobuchika Mori, Japan’s longest-serving finance minister and a regulator at the FSA, has proceeded to call for open-minded regulations in the crypto-finance sector.
Lewis also commented saying that Mr. Mori knew that Japan’s financial sector was collapsing in IT, FinTech, Blockchain and other potential digital industries. Faced with an emerging sector that had already captured the vision of the Japanese public, it must have been tempting to overlap on to cryptocurrencies along with a load of pre-existing national ambitions centred on tech start-ups, FinTech and the promotion of more retail cash for circulation around the system.
Analysts expect the efforts of all the major economies in Asia, like Japan and South Korea, in standardizing regulatory frameworks will help countries like Taiwan and India along with other developing countries to set their stance on this disruptive technology.
Trescon is organising the World Blockchain Summit in Taipei on 25th-26th of April 2019. The summit will feature Jason Hsu as a speaker, who will share his insights on the ongoing tug-o-war, for the legislation of digital assets, which taking place in Taiwan. To know more about the event and witness other key industry leaders speak, click here.