Lawmakers in Taiwan have today announced the formation of a new parliamentary group aimed to help foster the nation's emerging blockchain sector.
The creation of the group - the Taiwan Parliamentary Coalition for Blockchain - was led by legislator Jason Hsu Yu-Jen in the hopes of uniting politicians from different parties to push for well-defined regulatory frameworks to facilitate blockchain development and to safeguard investors.
An active and long-time supporter of blockchain and cryptocurrency, Hsu has on multiple occasions expressed his belief that the technology is crucial in helping the island stay globally competitive.
In a recent tweet, he further declared the ambition to make Taiwan a "Crypto nation" and "Blockchain island" by attracting worldwide venture capital funds and crypto exchanges by setting up a dedicated regulatory "Sandbox" for initial coin offerings.
Lin Chih-chia, secretary-general of the government's legislative arm, said at the launch ceremony that the initiative will receive full support from Su Chia-chyuan, president of the Legislative House.
"No matter what the blockchain initiative needs - whether it's human resources, financial resources, or a revision of current law - we will prioritize them for it to let the blockchain industry flourish so that it can be useful in Taiwan," Lin said.
According to a video recording of the event posted on Hsu's Facebook feed, today's announcement also revealed the establishment of the Taiwan Crypto Blockchain Self-Regulatory Organization.
Seeking participation from both industry players and the academic world, the SRO sets out to to mandate compliance from cryptocurrency exchanges to build a transparent, fair and reliable market in order to protect investors.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Taiwan Eyes Blockchain Growth with New Parliamentary Alliance
Published on May 22, 2018
by Coindesk | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.