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’revealeda listingof policy recommendationsgeared towardaiding cryptocurrency startups,together withonethat maysee the Ministry of Economic Affairs [MOEA]makinga newbusinessclass,likewiseasa newlegal framework for security tokens.
Hsuadditionallycalledthe Taiwanese legislature’sFinance Committeeto issuepointersfor ICOs witha spotlightonindividualsprotection. His proposal comessimplydaysafterthe country’s financial regulatordeclaredit’dsetupcryptoregulations within a time period of upcoming eight months.
In line with a local news source ‘Taipei Times’ reportedlast week thatfinancialsupervisoryCommission chairman ‘Wellington Koo’ has told the committee that “national standards”for the wayICOsought tobe conducted would be completed by the month of Juneby next year.
Hedeclaredthat these standards wouldprobablydefinehowtokenscould beclassified as securities,howevernotablyalso outlinedthat cryptocurrenciesbeing employedto buygoodsor actin a verymanner unrelated to securitiesofferingwouldn’tfall under the category ofthe newlaws.
Hsu’sexpects a cryptoframework that would gofurther, requiring the MOEA to develop newindividualprotection and taxationoutlines,as per Friday’s official press release.
Headditionallyurgeda specifiedproposal for security token offerings [STOs]based onthe FrenchCommercial Growth and Transformation Actand also theU.S. Howey Test. If signed into law, his proposal would clarifythat token sales wouldrepresentthe nation’s Securities and Exchange Act. STOsmightadditionallyrepresent equity crowd-funding rules andrelatedlaws, Hsu added.