Taiwan seems like the most promising region to become the new cryptocurrency incubator with a brain heavy weighted people in charge of future regulations. So why Crypto Taiwan?
The Taiwanese “Crypto Congressman” Jason Hsu, who participated in the panel, related to “Securities Offering, Regulations & Compliance” at Sora Summit 2018, that took place on the 13th and 14th of November in Macau and made some crucial points for the current situation on the market.
Taiwan “Crypto Congressman” Shares His View
Following his speech, it is easy to understand, that a government does not really know how to react and currently in a confused state. Only recently, the heads started to figure out the opportunities the blockchain gives to the society.
“I bet 99% of the World government has no idea how to do it [to regulate the industry]” – said Jason.
The Congressman mentioned, that the next step for the industry is to bring the institutional investors, but they expect the proper regulations. This is where we can expect the global appearance of STOs (Security Token Offerings).
“We don’t know the industry to go underground… If you are trying to stop crypto is the same as trying to stop mathematics. It is not possible.” – Continued Jason Hsu.
His main point is that we, entrepreneurs and crypto enthusiast must teach a government, offer them a working solution, explain the benefits of the industry as we understand it.
“If the people in this room are not going to be involved into the regulatory development, we might see the technology in the wrong hands, for example like Venezuela, using it to scam people’s money.”
He mentioned the launch of crypto Taiwan self-regulatory organization (SRO) that includes a wide variety of the crypto and blockchain related projects (including 25 crypto exchanges registered out of Taiwan) that work and help the government to comprehend the usage of the technology and industry ecosystem to create useful regulations. Also, Crypto Taiwan already implemented crypto assets under AML (Anti-Money Laundering) laws.
Jason also compared the development of the Internet industry from the past to crypto and blockchain nowadays. He thinks that people should not be afraid of the new progressive ideas, as they might change our lives for better once and forever.
So Crypto Taiwan It Is
Taiwan, known to have more optimistic views on crypto and blockchain, taking serious consideration for the application of the products for the global and domestic areas, according to his statement during the conference.
The good example that comes to my mind is Taiwanese Mithril’s (MITH) products that allow non-financially related people to be a part of the crypto world. As they have been recently listed at Binance exchange, proving the successful application of their products. Another project that is sure to benefit as well is Formosa Financial. If more companies, start-ups, and funds decide to set up shop in Taiwan, it will definitely bring into the spotlight the services that Formosa Financial is offering.
I also would love to recommend Marc Howard’s article writing about why Taiwan would become the next crypto capital.
The World of cryptocurrency continues to be a hot topic between so-called crypto enthusiasts and world financial and federal regulators. Many countries are taking actions towards the more clear understanding and integration of the cryptocurrencies and blockchain.