Taiwan Legislators Pioneer Formation of a Blockchain Coalition

Blockchain gets nod from parliament

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Legislators in Taiwan spearheaded the formation of a coalition to help spur up the growth of blockchain technology, reports say.

In a bid to promote blockchain development in Taiwan, legislators came together and formed Taiwan’s parliamentary coalition for blockchain (TPCB). The coalition’s primary role is to serve as a bridge between Taiwan government and players in the blockchain industry. The formation of the coalition was led by Congressman Jason Hsu Yu-Jen. Mr. Yuan is among legislators in Taiwan’s 9th parliament who support blockchain and cryptocurrencies industry grow in the country. Other than being the mediator, the coalition hopes to rally other Taiwanese politicians to support the coalition.

Besides the parliamentary coalition, an alliance was formed between the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO) and the coalition. TCBSRO has members from different sectors who want to see blockchain and cryptocurrencies industries growth. Together, the two groups had a joint founding ceremony yesterday. During the ceremony, the two groups agreed to work together towards promoting the development of blockchain in Taiwan.

The coalition and self-regulatory organization goal

Principally, the parliamentary coalition’s role is to persuade the government to be open-minded when dealing with blockchain and cryptocurrencies. They appreciate that without the government’s support there will be no progress in the blockchain and cryptocurrency industry. Additionally, the coalition will help build trust between players in the industry and the government.

On the other hand, TCBSRO’s primary goal is to provide guidelines to crypto participants while minimizing excessive government interference. In the case then, TCBSRO members will be required to comply with measures put in place. Some of the rules in place include; investor protection, data security, and transparency. Complying with the rules will help promote the development of a healthy cryptocurrency and blockchain industry in Taiwan.

The formation of the TPCB and the TCBSRO hopefully shall help clarify which arm of government regulates what, define nature of cryptocurrency, and come up with criteria for registering and approving initial coin offerings (ICOs) and exchanges. Though according to Tsai Fu-long, the Director General of Financial Supervisory Commission (FSC), the changes will not come soon as they’ve put them on hold. They are taking time to focus on regulation of the financial space to improve their standing in the upcoming Asia- Pacific Group (APG) assessment on money laundering in November.

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