Taiwan has set up quality standards in blockchain space by introducing blockchain regulation. The seventh largest economy of Asia has indeed recognized the potential of this technology to bolster its economic growth. Nations like Malta and Gibraltar have become havens of blockchain whereas countries like South Korea and China even though have supported blockchain but banned all ICO’s.
The stand of Taiwan is somewhere in the middle. Taiwanese authorities have not entirely embraced the blockchain hysteria. But the Taiwanese government bodies are quite aware that distributed ledger technology (DLT) can contribute greatly towards its economic growth. Also, the decision-makers clearly know that now is the time to adopt this technology to get the best results. Strong labor force and growing ecosystem are expected to encourage a massive growth of blockchain industry in Taiwan.
Taiwan is well aware that the blockchain industry is growing very fast and hence to keep up with the pace, the authorities recently established Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO). The body will comprise of volunteers from the industry who will be tasked with setting high-quality practices and best standards. “Crypto Congressman,” Jason Hsu will head the organization.
As of now, 50 companies have registered with this blockchain regulation body, says Yahoo News. The guidelines that are mentioned by TCBSRO are not supported by law but will help to maintain a code of conduct in blockchain space. The organization believes that it will protect the reputation and credibility of good players in the business and also lead to more fruitful discussions.
According to News BTCC, the Taiwanese government has taken the approach similar to Jeju Island and Busan to self-regulate blockchain and cryptocurrency sectors. It will contribute to streamline the entire regulation process in the blockchain industry of the country.
Prior to coming up with this blockchain regulation, Taiwanese government faced many issued adopting emerging and disruptive technologies. The country has been criticized by a global technology sector as it is lacked proper regulations in the technology and fintech markets. However, Financial Technology Innovations and Experiment Act’s approval formed the foundation for the creation of regulations for blockchain and crypto field.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]