Taiwan Drafting National ICO Standards


The Taiwanese Financial Supervisory Commission is drafting a set of national standards for initial coin offerings. The regulator reportedly aims to make tokens as easy to invest and as liquid as stocks. The commission emphasizes that it “has no intention of curbing the creativity and productivity associated with cryptocurrencies if they are not used as securities.” Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Taiwan to Regulate ICOs FSC Chairman Wellington Koo. The chairman of Taiwan’s Financial Supervisory Commission (FSC) has reportedly confirmed that the commission is drafting national standards for initial coin offerings (ICOs). The regulator aims “to make virtual tokens as easy to invest in as stocks and just as liquid,” the Taipei Times reported on Oct. 23. At a finance committee meeting, Chinese Nationalist Party (KMT) legislator William Tseng asked whether the government would regulate ICOs. He pointed out that 127 ICO whitepapers worldwide were found last year to be fake, the publication described. In addition, 80 whitepapers were found to be inaccurate as of April. The legislator additionally quoted findings from Satis Group showing that 81 percent of ICOs have been identified as scams. The news outlet conveyed Koo’s reply: The commission would regulate ICOs … [but] tokens exchanged for goods, such as those used in accruing points at convenience stores or mileage points accepted by airlines, would not be covered by the standards. In May, China’s National Committee of Experts on the Internet Financial Security Technology, a Chinese government-backed industry organization, said it found 421…
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