His proposal comes just days after the nation's financial regulator announced it would set up ICO regulations within the next eight months. The Taipei Times reported last week that Financial Supervisory Commission chairman Wellington Koo has told the committee that "national standards" for how ICOs should be conducted would be completed by June of next year.
He announced that these standards would likely outline how tokens may be classified as securities, but notably added that cryptocurrencies being used to purchase goods or act in a manner unrelated to securities offering would not fall under the new regulations. Hsu's proposed framework would go further, requiring the MOEA to develop new consumer protection and taxation guidelines, according to Friday's press release.
Howey Test. I am the former legislator and member of the parliament of Taiwan. What is your nickname? At that time, many projects were leaving China, and Vitalik got in touch with me saying that this was a perfect time for Taiwan to take the opportunity to become involved with crypto. Since then, I have been working with him and he has been to Taiwan several times. Where do STOs symbolize in Taiwan? I initiated the first Security Token Offering law in Taiwan challenge, and this was very symbolic because it became a very important law to allow cryptocurrencies to be regulated and dealt with in this country.
What did you do after stepping down as a Legislator? How are Taiwan and China different? China and Taiwan are two different countries. Although Taiwan does not have an internationally recognized status by the UN yet, we do operate on our own political, economic and military system. We have our own monetary system and currency. China is a communist society whereas we are democratic. The way we look at Bitcoin and cryptocurrency is also startlingly different.
We, on the other end, look at Bitcoin and cryptocurrencies as a form of a commodity. Why is it important to understand the long-term implications of cryptocurrencies? Thus, I think the way that cryptocurrency is being perceived around the world is also a reflection of how societies are being perceived. Meaning, every country has its own narrative, and due to their differences in their narratives, they are treating cryptocurrencies and blockchains differently.
What stance did you have for the crypto industry in Parliament? When I was in parliament, I was probably the most ferocious and passionate advocate of currency and blockchain. I always tried to push Taiwan to become a Blockchain Island and urged governments to strongly adopt this new technology.
I knew that the first countries to adopt it will have an advantage in this industry, so I advocated for Taiwan to become a hot hub for exchanges. Imagine this not being just for trading cryptocurrencies, but receiving the merit of new business opportunities, such as cyber securities, wallet providers, mining, semiconductor chips, etc.
Does Taiwan have an advantage because of its size as a country? I was pushing it very hard, but after I left the government, many of the projects were sort of left unattended. I am also serving on the boards of several world organizations and industry associations so I am hoping to still be able to have an impact. What country do you think is ahead of all? We all started from the same starting line, but countries that are nimble and fast can get the first-mover advantage. Taiwan does already have an advantage as it is smaller, unlike China and the US.
So, Taiwan can make a claim or statement promoting and advocating for this type of new asset class attracting world companies and entrepreneurs. I think Singapore is our biggest competitor as it is very quick in moving towards becoming a cryptocurrency hub.
We definitely should act more aggressively, and our government officials and regulators should embrace this trend. They should work with the community to develop laws and guidelines. Instead of a top-down imposing measure, we should resort to a bottom-up way of reaching out to communities. We have a very low number of infected cases, so If we can use this opportunity to promote Taiwan as a blockchain hub and attract more talent coming set up companies, and also make a quicker and more flexible adoption infrastructure, and see what will great economic growth.
Lack of people and talent is always an urgent issue. There are a lot of new trains of opportunity in crypto and blockchain right now, so if we can attract more talents to come here through government and enterprise encouragement, I think we will see prosperous results. During this COVID pandemic, the government issued more than gold card visas, a type of visa allowing professionals to come work and start businesses here in Taiwan.
I helped Steve Chen, co-founder of YouTube and a good friend of mine, to get the gold card, and now he lives in Taiwan. So, this measure has shown positive results so far, but if our government can set up a fund to invest in blockchain-related projects, that would make another huge statement for Taiwan. How can governments and exchanges work together?
The government should take a serious look at all the crypto exchanges in their jurisdictions, and confirm whether or not they comply with the laws, like anti-laundering laws and cybersecurity laws. By doing so, they make private citizens feel safe and encouraged in investing in their future. Some exchanges provide services for unethical and illegal activities, like money laundering.
To prevent that, the trusted and bigger exchanges should collaborate with the law authorities proactively in providing the right information when illegal trading, etc.
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Earlier in the year, Taiwan introduced a string of regulations that were designed to combat money laundering, but authorities did not signal that a total ban on digital currencies was coming. According to Hsu, plans are in the works to build a Taiwanese global ID that would make it possible for visas to function on the blockchain.
Hsu also has done an extensive amount of traveling to voice his ideas for financial innovation and disruption. He recently visited entrepreneur Peter Thiel in California to talk about the centralizing of mining power, and has given talks and speeches in and outside of Taiwan. Hsu is also fairly friendly with Buterin , having been introduced after publicly asking the Ethereum founder to support blockchain and cryptocurrency in Taiwan.
Let us know your thoughts in the comments below! Images courtesy of Jason Hsu Twitter , Shutterstock. Sign Up for Our Newsletter! When I found out that Taiwan is not only cryptocurrency friendly but is actually leading the effort in groundbreaking blockchain and AI startups — that made this place seem too good to be true. I needed to talk to more people and ask more questions.
I was hungry for more. A typical night market in Taiwan. Jason is an outspoken proponent on blockchain and crypto particularity on self-regulatory organizations SRO. His SRO guidelines are basically a set of principles explaining how cryptocurrency exchanges should regulate themselves.
What I admire about Jason is that unlike a typical politician who attempts to dictate what we can and cannot do, he practices what he preaches and has an entrepreneurial mindset. The supply of OCW is limited to only 1, tokens. Blockchain has an immense opportunity to disrupt the FinTech industry.
The timing has never been better in fact. Before I moved to Taiwan to launch AlgoHive , my last startup was also in the FinTech industry, an AI-based virtual assistant that helps Americans prevent medical debt. The combination of machine learning, blockchain and investment creates the perfect storm and opens the door to many new products and startups from crowdsourced prediction algorithms to decentralized exchanges to emerging new crypto asset classes like fractional ownership tokens that the visionary Gauthier Zuppinger and I are proposing.
Once a society learns that it can benefit from a new technology and how it can help make their lives better, safer and easier adoption will follow. This means as crypto-friendly policies continue to be successfully passed in Taiwan there will be a tremendous asset imbalance providing an opportunity for wealth to be diversified from traditional stocks to virtual currency. In addition, the government has been active in pushing for self-regulated practices by operators of digital token trading houses while also moving to build related supervision mechanisms.
This means that Taiwan is on-track to becoming a global leader in cryptocurrency governance. Taiwan certainly has its share of hurdles ahead. Many challenges still stand in the way of greater blockchain and cryptocurrency adoption. Issues such as crypto price volatility, nefarious ICOs, crypto exchange hacking and frivolous blockchain use-cases certainly do not help matters. Looking forward here are a few initiatives that Jason and other blockchain industry leaders are currently exploring for Taiwan: Decentralized prediction platform for share market, politics, etc.
To do this we need to change the narrative from geeky tech-talk to concepts that most people can relate to. This means falling in love with the problem and not the solution. In other words we need to ask ourselves what real-world problems could blockchain technology solve?
What are the advantages of a digital currency compared to traditional assets like fiat money, gold or stocks?
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But the ones that are most conservative in sharing their data or working with startups are exactly the same group of people that already benefit from the existing power structure. But…we host a lot of hearings [that] we broadcast live, and invite people to comment on those public affairs. And politics is a very old game. Then, we are ready to prove to people that things can be changed. But if politicians fail to understand us, and they only turn blind eyes to the existing trend, then one day they wake up [and] they might realize that people [have] abandoned them.
Take blockchain, for example. So first of all, I gather around a [bipartisan] group of legislators from both sides of the aisle. And then we set up a caucus…in Parliament, and we develop strategies, we work with different groups — academic specialists and industry experts — to develop ideas. And also whenever there is legislation or some executive order waiting to be published, we always invite outside experts and entrepreneurs to sit in that meeting and also to consult with the government before they make any public announcements on those regulations.
We make sure that government people are encouraged to work with entrepreneurs, and they are encouraged to get out of their comfort zone, and they are encouraged to take risks. It is that through working with entrepreneurs [that] government officials — especially mid-level officials — are encouraged to think like entrepreneurs and to take risks and then to innovate.
And also I believe countries…like China and the US are skeptical about crypto, because they are afraid of losing control. And also…the DLT — decentralized ledger technology — is becoming a threat to the centralized government system for Taiwan.
I feel we need to take this opportunity to turn this into an advantage for ourselves. So, for example, use blockchain to build up our public infrastructure system and use blockchain to implement IOT, smart cities, radical data, and all that stuff. But compared to China and the US, we are still considered very, very small in terms of resources spending.
Since becoming an official Member of Parliament in , Hsu has worked to foster initiatives concerning autonomous vehicles, cybersecurity, and the digital economy — all in an effort to help close the gap between public policy and technology. Now, Hsu is laboring to bring crypto and blockchain to the forefront. Aside from launching a self-regulatory entity to help brainstorm exchange regulations, the so-called Crypto Congressman helped organize a coalition to support the blockchain industry.
Hsu gained prominence after penning and announcing the Fintech Innovation Experimentation Act last year. The act would give financial technology start-ups the ability to apply to operate on a three-year trial period. Earlier in the year, Taiwan introduced a string of regulations that were designed to combat money laundering, but authorities did not signal that a total ban on digital currencies was coming.
According to Hsu, plans are in the works to build a Taiwanese global ID that would make it possible for visas to function on the blockchain. Hsu also has done an extensive amount of traveling to voice his ideas for financial innovation and disruption.
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