Taiwan to Regulate ICOs bitcoin casino free bonus
Taiwan to Regulate ICOs
FSC Chairman Wellington Koo.
The chairman of Taiwan’s Financial Supervisory Commission (FSC), Wellington Koo, has reportedly confirmed that the commission is drafting national standards for first coin offerings (ICOs). The FSC aims”to create virtual tokens as simple to invest in as stocks and equally as liquid,” the Taipei Times reported on Oct. 23.
In a finance committee meeting, Chinese Nationalist Party (KMT) legislator William Tseng requested Koo if the government would regulate ICOs. Tseng pointed out that 127 ICO whitepapers were discovered last year to be fake, the book explained, adding that 80 whitepapers were shown to be incorrect as of April. The legislator quoted findings from Satis Group.
The news outlet conveyed Koo’s reply:
The commission would govern ICOs… [but] tokens exchanged for goods, like those used in accruing points at convenience stores or mileage points approved by airlines, wouldn’t be covered by the standards.
In May, a Chinese government-backed industry organization, China’s National Committee of Experts on the Internet Financial Security Technology, said it found 421 fake cryptocurrencies. Independently, the Wall Street Journal examined 1,450 ICOs and”found 271 with red flags which include plagiarized investor records, guarantees of guaranteed returns and missing or fake executive teams and bitcoin casino best bonus.”
The Securities and Futures Bureau of taiwan Deputy Director-General Tsai Li-ling was quoted from the Taipei Times asserting:
People frequently confuse the trading of cryptocurrencies and an ICObitcoinrush bitcoin casino governor of Taiwan’s central bank, Yang Chin-long, told the finance committee that”the government will regard cryptocurrencies as virtual commodities or assets as opposed to currencies, because they don’t have any intrinsic value.” Tsai elaborated that”cryptocurrency trading is like trading in gold, for which the commission only implements money laundering controls.”
If a token functions like a security,”the commission would define it as a’securities token’ and subject it to the Securities and Exchange Act,” the book quoted Tsai describing, including:
The issuer would also must disclose information like what companies which are traded need to do.
Regarding the time period of the ICO standards,”The draft is to be completed by June next year,” the information outlet detailed, noting that”The commission has no intention of controlling the creativity and productivity associated with cryptocurrencies if they’re not used as securities.”
“The more we regulate, the more this new financial behavior wanes,” Koo was quoted saying. In June, the FSC indicated that focus on anti-money laundering measures and it intended to maintain only a limited supervision of cryptocurrencies. In April, news.Bitcoin.com reported that Taiwanese bitcoin regulations are expected by November.
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