The Taiwan Financial Supervisory Commission is drafting a set of guidelines for the management of ICOs. According to reports, the regulator’s goal is to simplify token investment and make it as liquid as stocks. The committee emphasized that “the committee has no intention of curbing the creativity and productivity of cryptocurrency if it is not used as a security.â€
Taiwan wants to regulate ICO
Taiwan’s Financial Supervisory Commission (FSC) Chairman Gu Lixiong confirmed that the committee is drafting ICO guidelines. FSC intends to "simplify the investment process of tokens, so that tokens have the same liquidity as stocks."
At a meeting of the Financial Committee, the Kuomintang legislator Zeng Mingzong asked Gu Lixiong whether the government would regulate ICOs. Zeng Mingzong pointed out that 127 ICO white papers were found to be fake last year. As of April this year, 80 ICOs were inaccurate. The legislative committee also pointed out that a survey by the research company SaTIs Group found that 81% of ICOs were classified as scams.
According to media reports, Gu replied: The committee will supervise ICOs... (but) tokens used to exchange items, such as points used in retail stores or mileage points for airlines, will not fall within the scope of our guidelines.
In May, the National Committee of Experts on Internet Financial Security Technology discovered that there were 421 fake cryptocurrencies. The Wall Street Journal analyzed 1,450 ICOs and found that 271 ICOs had serious problems, including plagiarism of investor documents and promises
There will be rewards, no or fictitious management team.
Security token
"Taipei Times" reported that Tsai Liling, deputy director of Taiwan’s Securities and Futures Bureau, said: People often confuse ICO and cryptocurrency trading.
Taiwan’s central bank Yang Jinlong told the Financial Commission that “the government intends to treat confidential currencies as virtual commodities or assets rather than currencies because they have no intrinsic value.†Cai explained that “cryptocurrency trading is similar to trading with gold. Only money laundering controls will be imposed on these activities."
If the token has a function similar to securities, “the committee defines it as a security token, which is regulated by the Securities Exchange Law.†Cai said: The issuer needs to disclose the information that is now publicly listed companies need to disclose.
Regarding the time frame of the ICO guidelines, “the draft will be completed by June each year,†the media pointed out, “if it is not used as a security, the committee has no intention to limit the innovation and productivity of cryptocurrencies.â€
"The more we supervise, the weaker the new economic behavior," Gu said in June. The FSC stated that it plans to adopt a certain level of supervision on cryptocurrencies, with a focus on anti-money laundering measures. Blocknet reported in April that Taiwan’s Bitcoin regulation will be introduced in November.
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