Taiwan: Legislators Launch Parliamentary Blockchain Alliance to Promote Industry Growth

Taiwanese legislators have formed a parliamentary blockchain group to promote the development of the industry, according to a Facebook announcement by MP and legislator Jason Hsu Yu-Jen today, May 22.The new Taiwan Parliamentary Coalition for Blockchain, headed by Hsu, hopes to achieve cross-party consensus among Taiwanese politicians to decide on a clear, "Friendly" and robust regulatory framework for the blockchain sector and cryptocurrencies.

A joint founding ceremony was held yesterday in Taipei for both TCPB and a newly established Taiwan Crypto Blockchain Self-Regulatory Organization, whose members will be required to comply with transparency, data security, and investor protection measures developed to ensure a healthy and "Law-abiding" market.

According to Hsu's announcement, the parliamentary alliance will work to push the Taiwanese government to be open-minded and proactive in regulating for technological innovation, as well as more broadly working to develop mutual trust between the crypto space and official authorities.

The self-regulatory body will aim to minimize the need for excessive government intervention where internal industry measures can suffice.

This is my vision for turning Taiwan a #CrytpoNation and #BlockchainIslandI am working to create a friendly regulatory environment to foster healthy development of the ecosystem.

Taiwan's Ministry of Justice revealed plans to roll out stricter control mechanisms for cryptocurrencies focused on anti-money laundering measures, reportedly due to take effect in November.