FSC – Taiwan Expressed Objection On Crpto Currency Legislation

FSC – Taiwan Expressed Objection On Crpto Currency Legislation

Taiwan’s Finance gun – FSC Chairman expressed Heavy-Handed approach on Crypto currency Legislation. Wellington Koo – the Financial Supervisory Commission FSC chairman today expressed his strong desire for Taiwan to emulate Japan’s cryptocurrency regulations. Also suggesting that he does willingness to adopt a heavy-handed legislative approach to ICO. Based on it Taiwan’s Financial Innovation Experimentation Act” going before senate – a bill was created for regulatory exchanges pertaining to Taiwan’s fin-tech industry. Actually the Financial Innovation Experimentation Act is a bill that was proposed by the Executive Yuan in the month of May. The bill reflects the over all development of a “regulatory sandbox” with new approach to the fostering of innovation within experiment sectors of Taiwan’s fin-tech industry. The bill is comprises of the regulatory realization from 2016 whitepaper published by Taiwan’s Financial Supervisory Commission where FSC advocated both private and public sector efforts in the research and development of blockchain technology.

Taiwan’s digital Currency

Taiwan’s digital currency and distributed ledger innovation industries, which have shown signs of tremendous development in last few years. as per FSC , The country’s only virtual currency exchange platform, Maicoin. The Maincoin Currently welcomed approximately more than 25,000 active users – which equates to approximately 1 out of every 1000 Taiwanese citizen. Maicoin’s is sister concern of  Amis, which is currently trying to develop a  blockchain consortium alongwith Taiwanese financial institutions. – already have strucked deals with Taipei Fubon Bank & Taishin International Bank.