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Already known globally as a high-tech manufacturing hub, Taiwan is making headway towards establishing itself as a centre for blockchain-based businesses and initial coin offerings (ICOs). Although there are currently no specific laws or regulations for cryptocurrencies, the Taiwan government has expressed a positive attitude towards this nascent industry and aims to develop anti-money laundering rules specific to cryptocurrencies by November this year.
Of Counsel at Lee Tsai & Partners in Taipei
Tel: +886 2 2378 5780 (Ext. 2247)
Email: jaimecheng@leetsai.com
The Taiwan government is also discussing, but has not concluded, developing further regulations for ICOs, and it is the hope of industry proponents that the need for government oversight will be minimized through the industry’s self-regulation.
Nevertheless, it is expected that developments in other countries such as the US, Switzerland and other countries with more mature laws will be heavily referred to by the Taiwan government and self-regulating organizations in developing Taiwan’s own cryptocurrency-related rules and self-regulation model requirements.
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