Blockchain Alliance Formed By Taiwanese Lawmakers

Announcements, Blockchain, News | May 23, 2018 By:

Taiwanese lawmakers have formed a new parliamentary group to drive the growth of blockchain technology and cryptocurrency in Taiwan.

The Taiwan Parliamentary Coalition for Blockchain (TPCB) aims to unite politicians from different parties to decide on a clear, “friendly,” and robust regulatory framework for the blockchain sector. The goal of the group is to minimize the need for excessive government intervention where internal industry measures can suffice.

TPCB will be led by legislator Jason Hsu Yu-Jen, a Chinese Nationalist Party non-constituency member of Taiwan’s 9th Legislative Yuan. Hsu is a long-time advocate of blockchain and cryptocurrency and is also known for founding the TEDxTaipei lecture series.

In a recent tweet, Hsu said that Taiwan is set to become a “crypto nation” and “blockchain Island.” Hsu hopes to encourage global cryptocurrency exchanges to base themselves in Taiwan and for the industry to serve as a magnet for both investment and attracting talent to the country.

Lin Chih-chia, secretary-general of the government’s legislative arm, said at the launch ceremony that the new parliamentary group had the full support of the current president of the Legislative Yuan, Su Chia-chyuan.

“No matter what the blockchain initiative needs – whether it’s human resources, financial resources, or a revision of current law – we will prioritize them for it to let the blockchain industry flourish so that it can be useful in Taiwan,” Lin said.

Alongside the TPCB, Hsu also announced the launch of the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO), whose members will be required to comply with transparency, data security, and investor protection measures developed to ensure a healthy and “law-abiding” market. TCBSRO aims to ensure that there are adequate safeguards in place to protect investors.

Last month, Chiu Tai-san, Taiwan’s Minister of Justice, said that the government of Taiwan will be rolling out new regulations for cryptocurrencies later this year. The regulations will aim to prevent cryptocurrencies from becoming instruments for money laundering.