Taiwan’s “Crypto Congressman” continued his push for additional modernised regulation surrounding the technology by proposing new rules for token sales and crypto startups.
Earlier on Friday, a Taiwanese legislator named ‘Jason Hsu’ revealed a listing of policy recommendations geared toward aiding cryptocurrency startups, together with one that may see the Ministry of Economic Affairs [MOEA] making a new business class, likewise as a new legal framework for security tokens.
Hsu additionally called the Taiwanese legislature’s Finance Committee to issue pointers for ICOs with a spotlight on individuals protection. His proposal comes simply days after the country’s financial regulator declared it’d setup crypto regulations within a time period of upcoming eight months.
In line with a local news source ‘Taipei Times’ reported last week that financial supervisory Commission chairman ‘Wellington Koo’ has told the committee that “national standards” for the way ICOs ought to be conducted would be completed by the month of June by next year.
He declared that these standards would probably define how tokens could be classified as securities, however notably also outlined that cryptocurrencies being employed to buy goods or act in a very manner unrelated to securities offering wouldn’t fall under the category of the new laws.
Hsu’s expects a crypto framework that would go further, requiring the MOEA to develop new individual protection and taxation outlines, as per Friday’s official press release.
He additionally urged a specified proposal for security token offerings [STOs] based on the French Commercial Growth and Transformation Act and also the U.S. Howey Test. If signed into law, his proposal would clarify that token sales would represent the nation’s Securities and Exchange Act. STOs might additionally represent equity crowd-funding rules and related laws, Hsu added.