‘Taiwan Preparing ICO Regulations’ – Securities Regulator Chairman
Initial Coin Offerings (ICOs) investment in Taiwan could soon be very easy as ICO Regulations might be put into place.
Wellington Koo, the chairman of Taiwan’s Financial Supervisory Commission (FSC), said the regulations for governing ICOs are currently being drafted with a view of simplifying the process for investors as well as making tokens just as liquid as stocks.
Koo speaking during a finance committee meeting of the country’s legislature revealed that the draft copy of the regulations will be ready by mid next year. This happened after William Tseng, a legislator, asked whether the Taiwanese government was planning on regulating ICOs.
The planned ICO regulations will not apply to all tokens. The Financial Supervisory Commission will spare utility tokens as it has no intention of regulating them.
According to Taipei Times, “…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,”
According to Koo, this is to prevent enacting legislation that would discourage innovation in the nascent sector.
“The commission has no intention of curbing the creativity and productivity associated with cryptocurrencies if they are not used as securities,” said Koo.