With the application of blockchain technology in various industries, its supervision has become more and more lenient. Taiwan, Asia’s seventh-largest economy, has been seeking satisfactory guidelines for encryption and blockchain organizations, indicating that the government is aware of the ability of this technology to strengthen national economic development. The trend to implement regulatory encryption and blockchain technology policies will help promote Taiwan’s “blockchain island” market. Taiwan hopes to take advantage of the encryption of space and advance the blockchain technology to realize the benefits of this technology. To this end, a regulatory policy must be established to support the transparent, secure and free implementation of blockchain and encryption technologies.
The second thing that Taiwan needs to pay attention to is to improve the structure of its regulatory policies, and secondly to confirm that Taiwan’s policies are in line with global investment guarantee standards. Finally, more research should be done on the use of technology to advance public governance. If the Taiwanese government further develops computerized infrastructure, it will likely dominate the global economy.
Taiwan becomes a blockchain technology hub
At the Asian Blockchain Summit last year, Minister Chen Meiling of the Taiwan National Development Council (NDC) conveyed these ideas. Chen said that Taiwan is expected to become an important hub for global blockchain technology. This could also be the main driver of the fourth industrial transformation that the world is experiencing. NDC is building its data assurance office. In addition, the office will promote computerized management through the use of technologies such as blockchains. It will also become an intermediary between Taiwan’s technology development engineers, new businesses and large IT organizations.
In May 2018, the privately-held Taipei Fubon Commercial Bank became the first bank in Taiwan to establish a blockchain payment system. The banking system covers merchants, restaurants, and small businesses near the National Chengchi University. The next phase of the bank’s development is to extend the blockchain payment system to stores and businesses in the city.
Taiwan reported that it will not adopt strict positions on other countries in the region (including China and South Korea) on the issue of cryptocurrency. On the contrary, Taiwan has chosen a more and more just way to follow the Japanese model. In addition, under the arrangement of the Taiwan Parliamentary Blockchain Alliance (TPCB), the Taiwan government has already taken the lead in formulating the legal system of the blockchain. Driven by lawmaker Xu Yiren, the conference hopes to bring together government officials from different fields to help develop positive regulations, promote blockchain development and attract investment.
Taiwan Encryption and Blockchain Regulations
Taiwan will not fall behind. Although the Taiwan government has not drafted or passed any formal orders regarding blockchain and cryptocurrency, the Taiwan Encrypted Blockchain Self-Regulatory Organization (TCBSRO) has been established and industry standards and practices have been established. In addition, the Taiwan government is also preparing for the scope and application of blockchain technology. Like Busan and Jeju Island in South Korea, they are also aware of the importance of self-regulation. Last year, due to the lack of guidelines in the financial technology and technology markets, Taiwan has repeatedly been severely criticized by the global technology industry. Unlike Japan’s recognition of its financial technology and technology disadvantages, Taiwan has been trying to accept disruptive emerging technologies.
Blockchain and Encryption Through the recognition of the development and criticism of financial technology, great changes have been made without regulatory risks. This remarkable advancement opens up another era for encryption and blockchain, while the path of potential encryption and blockchain monitoring systems will accelerate.
Binancee, the world’s largest cryptocurrency institution, has conducted research with Taiwanese Congressman Hsu, who supports encryption, to ensure that nearby cryptocurrencies can seize this opportunity with the support of the legislature.