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Taiwanese ‘Crypto Congressman’ Is Working on New Regulations, Prioritizes Real Blockchain Products Over Pointless ICOs

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Thu, 30/08/2018 - 19:28
Taiwanese ‘Crypto Congressman’ Is Working on New Regulations, Prioritizes Real Blockchain Products Over Pointless ICOs
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Jason Hsu, Taiwan Legislator who was famously called ‘Crypto Congressman’ by Ethereum co-founder Vitalik Buterin, has weighed in on cryptocurrency regulations in Taiwan, his new token and the state of ICOs during his recent Forbes interview. He wants to make crypto trading more transparent and urges startups that launch ICOs to come up with real-life use cases.  

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Establishing an Asian consensus on regulations


Hsu claims that he is persistently working on a new regulatory framework for cryptocurrency exchanges, which will be officially presented in a couple of weeks. It is already known that exchanges will be required to offer their customers an additional layer of protection by means of multi-authentication and be fully KYC-compliant.

According to Hsu, a slew of Asian countries, including South Korea and Japan, will comply with the new standardized regulations. All these major crypto markets are expected to reach a consensus during Asia SRO Summit that is scheduled for November.

In addition, he has recently issued a limited amount of valueless Ethereum-based OCW tokens in order to support his regulatory push. These tokens are going to be distributed to big-name legislative bodies as well as global Blockchain leaders. Hsu says that Park Won-soon, the mayor of Seoul, and Vitalik Buterin are among the first OCW holders.

ICOs are not for everyone

 
When asked about ICOs, Hsu said that the new regulation would require ICOs to be more transparent about their investors.  
Hsu also believes ICO is not mandatory for every Blockchain-powered project. Hence, he hopes that more startups will actually focus on offering a ready-made product with applicable use cases instead of simply focusing on raising funds during a coin offering.

The ‘Crypto Congressman’ later said that he is interested in those ICOs that actually help to tackle identity problems. Earlier, U.Today reported about a new Blockchain project that aims to give stateless Rohingya refugees access to basic social services.

However, Hsu claims that Blockchain is still in the early stage of development, so more interesting technologies are yet to appear.

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