THELOGICALINDIAN - The Taiwanese Financial Supervisory Agency is drafting a set of civic standards for antecedent bread offerings The regulator reportedly aims to accomplish tokens as accessible to advance and as aqueous as stocks The agency emphasizes that it has no ambition of annoyance the adroitness and abundance associated with cryptocurrencies if they are not acclimated as securities
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Taiwan to Regulate ICOs
The administrator of Taiwan’s Financial Supervisory Agency (FSC), Wellington Koo, has reportedly accepted that the agency is drafting civic standards for antecedent bread offerings (ICOs). The FSC aims “to accomplish basic tokens as accessible to advance in as stocks and aloof as liquid,” the Taipei Times appear on Oct. 23.
At a finance committee meeting, Chinese Nationalist Party (KMT) administrator William Tseng asked Koo whether the government would adapt ICOs. Tseng acicular out that 127 ICO whitepapers common were begin aftermost year to be fake, the advertisement described, abacus that 80 whitepapers were begin to be inaccurate as of April. The administrator additionally quoted allegation from Satis Group assuming that 81 percent of ICOs accept been identified as scams.
The account aperture conveyed Koo’s reply:
In May, China’s National Committee of Experts on the Internet Financial Security Technology, a Chinese government-backed industry organization, said it found 421 affected cryptocurrencies. Independently, the Wall Street Journal analyzed 1,450 ICOs and “found 271 with red flags that accommodate acquired broker documents, promises of affirmed allotment and missing or affected controlling teams.”
Securities Tokens
Taiwan’s Securities and Futures Bureau Deputy Director-General Tsai Li-ling was quoted by the Taipei Times asserting:
The governor of Taiwan’s axial bank, Yang Chin-long, told the accounts board that “the government tends to attention cryptocurrencies as basic bolt or assets rather than currencies, because they accept no built-in value.” Tsai abundant that “cryptocurrency trading is agnate to trading in gold, for which the agency alone accouterments money bed-making controls.”
If a badge functions agnate to a security, “the agency would ascertain it as a ‘securities token’ and accountable it to the Securities and Exchange Act,” the advertisement quoted Tsai describing, adding:
Regarding the time anatomy of the ICO standards, “The abstract is to be completed by June abutting year,” the account aperture detailed, acquainted that “The agency has no ambition of annoyance the adroitness and abundance associated with cryptocurrencies if they are not acclimated as securities.”
“The added we regulate, the added this new bread-and-butter behavior wanes,” Koo was quoted saying. In June, the FSC indicated that it advised to advance alone a bound blank of cryptocurrencies and focus on anti-money bed-making measures. In April, news.Bitcoin.com reported that Taiwanese bitcoin regulations are accepted by November.
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