Taiwanese Legislator Proposes Rules For Crypto Sphere
Jason Hsu, a Taiwanese parliamentarian proposed a number of initiatives to improve legislation in the crypto sphere, focusing on support for startups and the rules for the token sale, CoinDesk reports.
Jason Hsu is known as the crypto sphere supporter. He published his proposals aimed at supporting crypto startups. The proposals should help the Ministry of Economy of Taiwan to create a new business category and a legal basis for security tokens.
Moreover, Hsu called on the parliament’s Financial Committee to adopt the rules on the initial coin offering (ICO) in terms of consumer protection. The parliamentarian's initiatives followed a few days after Financial Supervisory Commission, the financial regulatory authority in Taiwan, announced that it would develop national standards for conducting ICO.
The Taipei Times reports that the Commission Chairman Wellington Koo plans to complete the preparation of this legislation by June 2019.
He stated that standards will show how tokens can be classified as securities. At the same time, cryptocurrencies that are used to purchase goods are not subject to the new rules.
Hsu's proposal spread even further. He wants the Ministry of Economy to adopt consumers protection and taxation regulation. Besides, the legislator speaks of the adoption of rules regarding the security token offering (STO), for which the regulatory acts of France and the United States can be taken as a basis.