Taiwanese legislators have formed a group to promote the development of the country’s blockchain industry. This was announced on Facebook by MP and legislator Jason Hsu Yu-Jen last May 22nd.
The new group, called the Taiwan Parliamentary Coalition for Blockchain (TPCB) and headed by Hsu, aims to achieve a cross-party consensus among Taiwanese politicians and decide on a clear, “friendly” and robust regulatory framework for the blockchain sector and cryptocurrencies.
A founding ceremony was held in Taipei for both the TCPB and the newly established regulatory commission, the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO). TCBSRO members are required to comply with several measures, including transparency, data security, and investor protection measures designed to ensure a healthy market and to protect investors.
Hsu announced that the parliamentary group will push the government to be more open-minded and proactive in regulating technological innovation as well as to more broadly work to develop mutual trust between crypto and official authorities. On the other side of the coin, the self-regulatory board aims to minimize the need for government intervention, in cases where internal measures can suffice.
Jason Hsu Yu-Jen is a blockchain and crypto advocate and has suggested in recent tweets that Taiwan is set to become a “crypto nation” and a “blockchain island”, both terms have been most recently used to describe Malta and it’s efforts to attract the crypto industry giants with crypto-friendly laws and regulations.
A month ago Yi Ting Chen, CEO of crypto exchange OTCBTC announced she was running for mayor of Taipei this year. Also last month, Taiwan’s Ministry of Justice unveiled plans to roll out stricter controls for cryptocurrencies and focusing on anti-money laundering (AML) measures, reportedly due to take effect in November.