Taiwan Virtual Currency Exchange Code of Conduct has been published!
By the booming development of blockchain emerging industries, there are many gray areas due to the rapid changes in the new industry model. Speculation and fraud have come with the ease of fundraising, so there are more likely to be in a situation of bad money drives out good these days. Supervision regulation is difficult to catch-up with rapid changes in the industry, while blockchain has the characteristics of transnational development, a single government has limited power to control it. Therefore, when the governments are still studying how to regulate effectively, they need to rely on responsible operators to be self-discipline, eliminate fraud and protect the rights of the customer. In this case, both government and operators will have to cooperate to catch up the quick pace of industrial change. Formulate supervision regulations should be based on the principle of proportionality, gradually strengthen supervision force according to the business size to create friendly innovation and development environment for those who are high growth potential industries.
Ko-Yan Wang, chairman of Taiwan Financial Technology Association, Jaclyn Tsai, executive supervisor & Convener of Legal Environment Committee of Taiwan Fintech Association, Hsu Yu-Jen, Legislative Yuan co-sponsored under Taiwan Financial Technology Association, had announced the establishment of Taiwan “blockchain and cryptocurrency Self-Regulatory Organization” (SRO) in the Legislative court on May 22, 2018. KTrade and more than 70 industry participation have joined. After the establishment of the self-regulatory organization, there are more than ten virtual currency exchange operators and more than 30 scholars and experts who are concerned about the development of the ICO industry which includes law firms, accounting firms, etc. After three months of research and discussion, the first edition was completed on August 24, and the participated operators completed the signing on September 14.
Taiwan Financial Technology Association was invited by Hsu Yu-Jen, Legislative Yuan to hold a press conference on “Code of Conduct for Virtual Cryptographic Exchanges” at the 801 meeting room of the Group Court at 10 am on September 21st.
15 Exchanges participating in the signing include ACE, Algo Cipher, BitoEX, BitPoint, BitRabbit, BitStar, BitWe, Cobinhood, EOSex, Fusion$, Joyso, Ktrade, Max, STAR BIT, TokenBacon. Scholars and experts who contribute to the content will be present at the press conference to demonstrate their determination to assist Taiwan’s self-discipline in developing the blockchain Industry.
Ko-Yan Wang, convener of blockchain and cryptocurrency self-regulatory organization pointed out that the exchange’s code of conduct is the earliest plan for the blockchain and cryptocurrency industries in Taiwan. The content is mainly to support the blockchain and cryptocurrency industry to promote responsible innovation and application, guide the industry to develop positively, and protect consumer rights and personal capital. Other than that, it can also prevent speculators from taking the opportunity to speculate on wealth. The five major codes of conduct Industry development are law-abiding principles, principles of transparency, principles of a good administrator, operational risk management and credit risk management. The next step for the self-regulatory organization is to establish an ICO self-regulation specification. The self-regulatory organization also actively cooperates with neighboring countries such as Hong Kong, Japan, South Korea, Macau, Australia, Malaysia, Cambodia and has signed cooperation relevant financial technology memoranda with these countries. The development of financial technology and blockchain no longer has national boundaries. In the future, we will continue to make progress with the associations in the fields of financial technology, blockchain industry development. We will also support substantive interaction and self-discipline such as communication, to establish a closer cooperative relationship.
In addition, Jaclyn Tsai, represented the Taiwan Financial Technology Association and several international blockchains to jointly establish the international Global ICO Transparency Alliance, gita.foundation. GITA is currently applying for the establishment of Global GITA Transparency Alliance Ltd., a non-profit organization in Singapore. GITA currently has committees (platform development committees, finance committees, administrative committees, and super-node committees). Jaclyn Tsai, the convenor of the platform development committee, assists participants in setting up Gita to formulate relevant regulations. The Taiwan Financial Technology Association is one of the supernodes, and other members include Singapore, Hong Kong, Japan, South Korea, Vietnam, Thailand, Netherlands, Switzerland. The addition of international members enables GITA to expose global collaborative information and to address information asymmetry between ICO project participants and investors by encouraging disclosure. Mikhail Mironov, one of the GITA sponsors of ICO Rating, expressed his support for pointing out the importance of the exchange code of conduct and information transparency established by the Taiwan blockchain and cryptocurrency self-regulatory organization. He hoped that the industry would develop positively.
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