Future of Blockchain Becomes Main Topic as Ripple’s Headquarters Hosts Taiwanese Regulators
While many countries have been vocal about the way that they are handling blockchain and cryptocurrency, Taiwan has taken a quieter approach. However, recent reports show that they have been becoming more interested lately, and they believe that blockchain technology has the power to grow with the future of the tech world.
To achieve innovation with blockchain technology, regulators need to take a proactive approach. Their decisions can hinder or push along progress, and the innovators of the industry cannot make progress without a friendly climate for it. Regulation seems like a cumbersome issue to deal with, but the reality is that regulation is way provides the legality for what these platforms and developers aim to achieve.
Regulators in Taiwan seem to have progress at the front of their mined, considering their recent work with Ripple to learn how to promote the innovation that blockchain needs within their borders. Ripple’s official Twitter account recently posted an image of Karen Yu, a legislator in Taiwan, who came to visit Ripple to discuss Ripple’s role in increasing financial inclusion via blockchain.
In November last year, Taiwan’s anti-money laundering (AML) policies focused heavily on crypto exchanges, demanding that exchanges monitor and stop illegal transactions from occurring. Right now, the Financial Supervisory Commission (FSC) has control of the banning of transactions that the government or the platform believe to be fraudulent.
They were given authority after new versions of the Money Laundering Control Act and Terrorism Financing Prevention Act were implemented.
The local Ministry of Justice (MoJ) recently stated that this new AML bill would be followed with progression towards international AML standards. They aim to achieve this goal with the encouragement of businesses to take on a “compliance culture and mindset.”
Before 2019, Taiwan’s government was leery of establishing regulations for blockchain and cryptocurrency. They have not been a part of any major efforts to bring in business from these sectors yet, but hopefully the meeting with Ripple will change that.
With continued work towards crypto adoption in Taiwan, the new companies in their market may be able to achieve the stability and support from the government that traditional banks have long held.