BY CNA team - October 25, 2018
Taiwan to release draft crypto rules by June 2019
A draft law on initial coin offerings (ICOs) will be completed by June 2019 by Taiwan’s Financial Supervisory Commission (FSC) that will provide clarity on tokens as an investment.
The Taipei Times reports that FSC chairman Wellington Koo, who confirmed to the Legislative Yuan’s finance committee that the national standards being drawn up will be completed by June next year, says the law aims to make tokens as easy to invest in as shares and just as liquid.
He was responding to a concerned lawmaker who asked whether the government would regulate ICOs after pointing out the large number of scams.
Koo also noted that only ICO tokens with a security-type structure will be covered under these new rules and not utility tokens that can be exchanged for a good or a service.
“The more we regulate, the more this new economic behaviour wanes,” he says, adding that the regulator does not intend to curb innovation and efficiency of tokens not used as securities.