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Blockchain and Cryptocurrency’s Development in Full Swing

The development of blockchain and cryptocurrency has been in full swing  worldwide for the past year. Taiwan has also taken the opportunity to follow the international trends. In order to support blockchain and cryptocurrency operators for their responsible innovative applications, to guide the industry development to the right direction, and to avoid speculation that may deter the development of the industry,Taiwan FinTech Association, along with Parliamentary Coalition for Blockchain, experts, scholars, and operators have announced to found Taiwan Crypto Blockchain Self-Regulatory Organization on 2018/5/22 at the Legislative Yuan. More than 100 participants read out a self-regulation declaration at the ceremony that marked the start of consensus, hoping to work together to create business opportunities and make Taiwan the center of the fast-growing global blockchain development.

Calling for Low Regulation, Gaining Consensus on Self-regulation

Blockchain is a rising business field that has been developing rapidly. The market values of cryptocurrencies rise and fall sharply that results in speculations and frauds. Since these  patterns are changing so quickly, either there are no regulations yet, or the regulations are not comprehensive enough to monitor trading activities. Besides, going on cross-border is a feature of blockchain; therefore the monitoring strength of a single country is limited. While the government is still figuring out how to effectively monitor the market, operators ought to be regulating themselves in a responsible manner allowing the government to adopt a lower regulation to create a friendly environment for this innovation industry of high growth potential to flourish.

Cooperation and Self-regulation for a Win-win Situation

Setting up a self-regulatory organization is merely a start followed by numerous get-togethers and meetings during which blockchain followers will be invited to brainstorm how the exchange works, how cryptocurrencies are published and traded, and how information is kept open to the public in order to protect the rights and interests of consumers, hence setting an example for best practice. A concrete, practical self-regulatory system is hoped to be in place to allow the organization to run smoothly. Taiwan FinTech Association is holding its first forum since the establishment of SRO, featuring “Development and Self-regulation of Blockchain and Crytocurrency” from 3:30 to 5:30 PM, 2018/6/8, at Michelangelo Hall, GIS NTU Convention Center, B1F, No. 85, Sec. 4, Roosevelt Rd., Taipei. The forum will be hosted by Dr. Ko-Yang Wang, president of Taiwan FinTech Association. The panelists include Mr. Cheng-Mount Cheng, vice chairman of the Financial Supervisory Commission, legislator Yu-Jen Hsu, Ms. Yu-Lin Tsai, ex-administrative councilor, Mr. Alex Liu, CEO of AMIS, and other related operators. Please come join us  at the forum.