Taiwan will not regulate against ICOs and crypto

Unlike China and South Korea, Taiwan will not regulate against ICOs and cryptocurrencies
06 October 2017   1911

Taiwan will not follow the paths of China and South Korea: the county is not to regulate against ICOs and cryptocurrencies. 

Today, Financial Supervisory Commission chairman Wellington Koo pledged to leave "space open" for the development of cryptocurrency and distributed ledger technology in Taiwan, as reported by international.thenewslens.com.

Just because China and South Korea are banning, doesn’t mean that Taiwan should follow suit – there is a huge opportunity for growth in the future. We should emulate Japan, where they treat cryptocurrency as a highly regulated, highly monitored industry like securities.
 

Wellington Koo
Financial Supervisory Commission chairman

Philipp Pieper, co-founder of Swarm Fund, a U.S.-based platform focused on attracting alternative funding for high-risk assets such as distressed real estate through tokenization, argues that "crypto is here to stay in some form, whether its fiat money and crypto in a hybrid or crypto only". The man continues, claiming that "if you don't realize that as a reality then you are shutting yourself down for future compatibility as a country or a company. There is a real systems competition that is happening where smaller more agile countries can outpace other countries in terms of their stance".

Waht the future has in stock for Taiwan, remains to be seen. What's important, is that Taiwan made a start.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   247

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.