Taiwan Eyes Blockchain Growth with New Parliamentary Alliance

Taiwanese lawmakers have announced the formation of a parliamentary group aimed to foster the nation's emerging blockchain sector.

AccessTimeIconMay 22, 2018 at 1:30 p.m. UTC
Updated Sep 13, 2021 at 7:58 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Lawmakers in Taiwan have today announced the formation of a new parliamentary group aimed to help foster the nation's emerging blockchain sector.

The creation of the group – the Taiwan Parliamentary Coalition for Blockchain (TPCB) – was led by legislator Jason Hsu Yu-Jen in the hopes of uniting politicians from different parties to push for well-defined regulatory frameworks to facilitate blockchain development and to safeguard investors.

An active and long-time supporter of blockchain and cryptocurrency, Hsu has on multiple occasions expressed his belief that the technology is crucial in helping the island stay globally competitive.

In a recent tweet, he further declared the ambition to make Taiwan a "crypto nation" and "blockchain island" by attracting worldwide venture capital funds and crypto exchanges by setting up a dedicated regulatory "sandbox" for initial coin offerings.

Lin Chih-chia, secretary-general of the government's legislative arm, said at the launch ceremony that the initiative will receive full support from Su Chia-chyuan, president of the Legislative House.

"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.

In addition, according to a video recording of the event posted on Hsu's Facebook feed, today's announcement also revealed the establishment of the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO).

Seeking participation from both industry players and the academic world, the SRO sets out to to mandate compliance from cryptocurrency exchanges to build a transparent, fair and reliable market in order to protect investors.

Hsu Yu-Jen image via Hsu's office


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.