Taiwan’s Financial Supervisory Commission (FSC) Limits Crypto Legal Oversight for Now
The Financial Supervisory Commission of Taiwan has decided to focus on the enforcement of anti money laundering policies instead of focusing its policies on regulating crypto. This means that, at least in Taiwan, the regulatory agencies are giving a small oversight to the industry.
Representatives of the entity state that this decision was taken not to stifle innovation. As Initial Coin Offerings (ICOs) are still a very new industry, the commission has decided to focus on what is officially its focus: taking measures against international money laundering and welcome the innovations that his new industry is bringing to the table.
During a press conference on Thursday, Sherri Chuang, which is the Banking Bureau Deputy Director, has stated that the commission is open to innovations in any industry and that it will give the blockchain industry a chance to grow. The regulator also stated that cryptos like tokens emitted via ICOs are securities and therefore are not under the commission’s jurisdiction.
Money laundering via Bitcoin or any type of token, however, will not be allowed and the authorities will pursue anybody that is found using them. According to the Securities and Futures Bureau Chief, Chien Hung-ming, ICOs are not against the Taiwanese legislation and each one will be seen in a case-by-case basis, which means that they might break the law individually, but not because they are ICOs, specifically.
The chief of the FSC also added that is hard to define which coin is a security or a virtual currency without actually taking time to investigative in-depth before.
Taiwan Will Not Follow China
Unlike China, which seems to be against cryptos and has been taking several measures to stop this new market from growing, Taiwan has a stance that can be seen as considerably more friendly and open towards this market.
The Taiwanese government has yet to adopt any regulation for ICOs and cryptocurrencies and, while there are commissions to talk about these issues, it looks like many of them are not very interesting in regulating or prohibiting ICOs just yet.