Taiwan will not regulate against initial coin offerings (ICOs) and cryptocurrencies like bitcoin and will avoid the hard line stance taken by China and South Korea. Taiwan’s Financial Supervisory Commission chairman Wellington Koo has told a joint session of the parliament and the cabinet today that Taiwan will not follow the paths of China and South Korea in an outright ban on crypto-related activity. Instead, the head of Taiwan’s financial regulator pledged to adopt a friendlier stance to support the development and adoption of both cryptocurrencies and blockchain technology in the country.
Today’s comments from Taiwan’s regulatory chief represents a decidedly different approach to regulating cryptocurrencies and initial coin offerings, a radical new form of fundraising powered by cryptocurrencies like bitcoin and ether.
A little over a month ago, China’s central bank announced a blanket ban on all ICOs, deeming them to be an illegal method of fundraising. A week ago, South Korea followed suit and banned ICOs regionally. Japan, on the other hand, moved to follow legislation that acknowledged bitcoin as a legal method of payment from April this year. And now Taiwan decided to follow Japan, which comes as great news to the crypto world.