The Taiwanese economy is the seventh largest in Asia. The Government of the Republic of China has recognized the potential of blockade technology as a means of stimulating economic growth in the country and intends to create a legislative framework that facilitates the work of the crypto-currency sector.
So far there is no such base, nor the corresponding official bills. However, according to the Newsbtc website, government officials and representatives of large crypto-currency companies led by Congressman Jason Syou created the Self-Regulating Organization of the Blockchain and the Taiwan Crypto-Currency (TCBSRO), designed to establish standards and approve industrial practices.
Taiwanese officials, following the example of their colleagues in South Korea, with their initiatives in Busan and Jeju Island, made their first steps toward self-regulation of local crypto-currencies and the blockade sector, reporting on progress towards the government.
Over the years, the international technology sector has criticized Taiwan for its lack of legal rules in the field of FinTech. Unlike Japan, which recognized the problems, the authorities of the Republic of China did not hurry to turn to developing innovative technologies.
However, the adoption of the Law on Innovative and Experimental Technologies, which allows start-ups and crypto-currency companies to work without risks caused by the actions of the regulator, marks the long-awaited transition of the country to a practical settlement of the FinTech. This step promises to create a regulatory framework for the sector in the near future.
In May this year, Taiwanese congressman Xu, a supporter of crypto-currencies, met with representatives of major companies, including Binance. He assured them that the local crypto-currency sector is able to develop rapidly with the approval and with the support of the government. Xu said:
“I am proud to announce the creation of a parliamentary coalition on issues of blockchain. Together, we will promote the growth of a healthy ecosystem and the creation of progressive crypto-currency legislation. Let’s turn Taiwan into a blockchain island and a crypto-currency nation.
In Japan and South Korea, the second and fourth economies of Asia, there has been a rapid growth in the industry of crypto-currency and blockchain, mainly due to the introduction of adequate legislation”.
Analysts believe that the current efforts of Japan, South Korea and other economically advanced countries of Asia to standardize legal norms will help Taiwan, India and other countries with uncertain legislation to develop a clear policy with respect to crypto-currency and blockchain technology.