Taiwanese Lawmaker Seeks To Protect Crypto Start Up In New Proposals
The lawmaker now wants crypto startups provided with an ample environment for conducting business.
Start-Ups To Have Smooth Ride If New Law Passes
A lawmaker from Taiwan has continued with his campaigns to have the cryptocurrency sector regulated in a fair environment. The lawmaker Jason Hsu has released a new list of recommendations that will help crypto startups.
Due to his interest in cryptos, Hsu has been dubbed as the crypto congressman. His recommendations want to help startups in the sector to have a smooth ride. One of the proposals is to have the MOEA come up with a new business category. Additionally, he wants the ministry to formulate regulation for all security tokens.
Speaking on Friday, Hsu called on lawmakers of the finance committee to provide guidelines for the ICO sector. He stated that the regulations should be aimed at protecting consumers. Just before Hsu’s proposal, Taiwan’s financial sector controller stated that it will come up with ICO laws within the next eight months.
The reports are contained in the Taipei Times. According to the chief regulator, Wellington Koo, the regulations will be operational by June 2019. He stated that the regulations will meet all the existing national standards.
Proposals On Token Categorization
Koo added that the standards will contain details on how tokens can be categorized. He said that tokens should fall under the category of securities. Koo further said that the laws should allow residents to buy goods using cryptocurrencies. He also wants cryptos classified as unrelated securities when the new regulations come out.
Another Hsu proposal also touches on tax guidelines. He wants the MOEA to set up an up-to-date consumer protection guideline that will entail protection from over taxation.
Lastly, Hsu suggested that we need to have a unique proposal for STO backed by the French Commercial Growth Act. It should also be supported by the US Howey Test.
If the proposals are passed into law, the Taiwanese market will then have a clear guide on cryptocurrencies. Additionally, it will make it clear on which tokens should be classified as securities. Additionally, STOs might be categorized as equity crowdfunding.