Seventh biggest economy in Asia - Taiwan is now heading towards an introduction of friendly crypto market regulations. The country is set to follow the example of Malta’s “blockchain Island” initiative. This became possible as the government has acknowledged the potential the blockchain technology has on increasing the growth potential of the country, that's according to News BTC
Congressman Jason Hsu who’s leading the push for blockchain in the country, says he was inspired by Malta when several big crypto exchanges such as Binance and Bittrex moved their headquarters to the island.
As of now, no official legislation regarding cryptocurrencies or blockchain has been passed, but according to Hsu, work in that area is underway. The official alongside some major crypto firms have already created the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO) which will set out the best practices for the industry,
- According to Hsu, soon Taiwan will turn into a “specialized economic zone” with big offices for 200 blockchain firms. Earlier Financial Supervisory Commission (FSC) of Taiwan said it doesn’t want to restrict innovation and progress in the field of crypto.
- Jason Hsu has begun his quest to regulate crypto a year ago when he introduced an experimental project that would allow fintech startups to work free of tax burdens for the first three years of business. In February this year, the Congressman publicly criticized China and South Korea for their hard stances on crypto.