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 initial coin offerings (ICOs). The FSC aims”to create virtual tokens as simple to invest in as shares and just as liquid,” the Taipei Times reported on Oct. 23.

In a finance committee meeting, Chinese Nationalist Party (KMT) legislator William Tseng requested Koo if the government would govern ICOs. Tseng pointed out that 127 ICO whitepapers worldwide were discovered last year to be fake, the publication explained, including that 80 whitepapers were shown to be incorrect as April. The legislator also quoted findings from Satis Group.

The news outlet conveyed the reply of Koo:

The commission would govern ICOs… [but] tokens exchanged for goods, like those used in accruing points at convenience stores or mileage points approved by airlines, would not be addressed by the standards.

In May, China’s National Committee of Experts on the Internet Financial Security Technology, a Chinese government-backed industry organization, said it found 421 cryptocurrencies that was fake. Independently, the Wall Street Journal examined 1,450 ICOs and”found 271 with red flags that include plagiarized investor records, guarantees of guaranteed returns and fake or missing executive teams and bitcoin casino best bonus.”

Securities Tokens

Taiwan’s Securities and Futures Bureau Deputy Director-General Tsai Li-ling was quoted from the Taipei Times asserting:

An ICO frequently confuses with the trading of cryptocurrenciesfortune bitcoin casino 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 publication quoted Tsai describing, including:

The issuer would also need to disclose information like what companies that are traded need to do today.

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 controlling the creativity and productivity related to cryptocurrencies if they’re not used as securities.”

“The more we regulate, the more this new economic behaviour wanes,” Koo was quoted saying. In June, the FSC indicated that concentrate on anti-money laundering measures and it intended to maintain only a limited oversight of cryptocurrencies. In April, news.Bitcoin.com reported that Taiwanese bitcoin regulations are expected by November.

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Pictures courtesy of Shutterstock and Wikipedia.

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Source: bitcoincasinoreview.net

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