Taiwan will not regulate against cryptocurrencies, will follow Japan approach

posted 12 months ago
Financial Supervisory Commission chairman Wellington Koo today pledged to leave space open for the development of cryptocurrency and distributed ledger technology in Taiwan.

Responding to a request for clarification on Taiwan's stance on crypto from Kuomintang Party (KMT) congressman Jason Hsu, Koo told a joint session of parliament and cabinet that Taiwan would not regulate against the technology. Koo also broadly agreed with Hsu's suggestion that development of distributed ledger and blockchain represents a huge opportunity for innovation and economic growth for Taiwan.

While less than the ringing endorsement called for earlier in these pages, the statement suggests Taiwan will refrain from following in the footsteps of China and South Korea by initiating an outright ban on crypto-related activity.

The statement also paves the way for the successful passing of the “Financial Technology Innovation Experimentation Act” later in the current parliamentary session, according to Hsu.
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