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Taiwan to Regulate ICOs bitcoin casino free bonus

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 easy to invest in as shares and equally as liquid,» the Taipei Times reported on Oct. 23.

At a finance committee meeting, Chinese Nationalist Party (KMT) legislator William Tseng requested Koo if the government would govern ICOs. Tseng pointed out that 127 ICO whitepapers worldwide were found to be fake, the book explained, adding that 80 whitepapers were found to be inaccurate as of April. Findings were also quoted by the legislator from Satis Group showing that 81 percent of ICOs are identified as scams.

The news outlet conveyed Koo’s reply:

The commission would regulate ICOs… [but] tokens exchanged for products, such as those used in accruing points at convenience stores or mileage points accepted by airlines, wouldn’t be covered by the standards.

In May, China’s National Committee of Experts on the Internet Financial Security Technology, a Chinese industry organization, said it found 421 cryptocurrencies that was fake. Independently, the Wall Street Journal analyzed 1,450 ICOs and»found 271 with red flags that include plagiarized investor documents, promises of guaranteed returns and fake or missing executive teams and bitcoin casino best bonus

Securities Tokens

Taiwan’s Securities and Futures Bureau Deputy Director-General Tsai Li-ling was quoted by the Taipei Times asserting:

An ICO frequently confuses with the trading of cryptocurrenciesnet bitcoin casino review casino reviews: top #10 governor of Taiwan’s central bank, Yang Chin-long, told the finance committee that»the government will regard cryptocurrencies as virtual commodities or assets rather than currencies, because they don’t have any intrinsic value.»  Tsai elaborated that»cryptocurrency trading is similar to trading in gold, for which the commission just implements money laundering controls.»

If a token functions like some security,»the commission would define it as a’securities token’ and subject it to the Securities and Exchange Act,» the book quoted Tsai describing, adding:

The issuer would need to disclose information like what companies which are publicly traded need to do.

Regarding the time period of the ICO standards,»The draft is to be completed by June next year,» the news outlet detailed, noting that»The commission has no intention of curbing the creativity and productivity associated with cryptocurrencies if they’re not used as securities.»

«The more we govern, 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.

What do you think of Taiwan regulating ICOs? Let us know in the comments section below.

Images courtesy of Shutterstock and Wikipedia.

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Source: bitcoincasinoreview.info

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