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 make virtual tokens as simple to invest in as stocks and just as liquid,” the Taipei Times reported on Oct. 23.
At a finance committee meeting, Chinese Nationalist Party (KMT) legislator William Tseng requested Koo whether the government would govern ICOs. Tseng pointed out that 127 ICO whitepapers worldwide were discovered last year to be fake, the publication described, adding that 80 whitepapers were shown to be inaccurate as April. The legislator also quoted findings from Satis Group.
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 approved by airlines, would not be covered by the standards.
In May, the National Committee of Experts on the Internet Financial Security Technology, a Chinese government-backed business organization of China, 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.”
The Securities and Futures Bureau of taiwan Deputy Director-General Tsai Li-ling was quoted by the Taipei Times asserting:
People often confuse cryptocurrencies’ trading and an ICOCloudBet site governor of Taiwan’s central bank, Yang Chin-long, told the finance committee that”the government tends to regard cryptocurrencies as virtual commodities or assets rather than currencies, because they don’t have any intrinsic value.” Tsai elaborated that”cryptocurrency trading is like trading in gold, for which the commission just implements money laundering controls.”
If a token functions similar to 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 need to 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 curbing 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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