Taiwan decided to settle ICO, but not now

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Taiwan decided to settle ICO, but not now

Taiwan plans to publish the rules for initial offers coins in June 2019, said a local daily newspaper Taipei Times 23 Oct.

The article quoted the words of Wellington Koo, Chairman of Taiwan’s financial regulator, the financial Supervisory Commission (FSC), who spoke at the meeting of the Finance Committee of the legislature. In particular, he admitted:

The more we regulate, the more this new economic movement is weakening.

ICO has created a significant tension in many jurisdictions that seek to protect consumers from fraud. For example, in mainland China and South Korea for more than a year, a ban on such activities, although now, perhaps, the situation will change.

In October last year, Taiwan directly refused to regulate cryptocurrencies and ICO. And this April, the authorities said they would use existing legislation to combat money-laundering (AML), to somehow manage the branch.

Despite plans to settle ICO, Taiwan is not going to “curb the creativity and productivity associated with cryptocurrencies” — provided that the latter do not constitute securities.

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