Is Taiwan Becoming the New Crypto Hub?

Ethereum creator Vitalik Buterin has recently been granted an “Employment Gold Card” from Taiwan, highlighting the country’s efforts to establish itself as a prominent player in the crypto industry. The Employment Gold Card is a special visa program that aims to attract foreign talent by allowing them to reside and work in Taiwan without restrictions for up to three years.

Vitalik Buterin Backs Taiwan’s Blockchain Sector

Vitalik Buterin has been a vocal supporter of Taiwan’s burgeoning blockchain industry and has made multiple visits to the country. He even appeared on the Innovative Minds podcast with Taiwan’s Minister for Digital Development, Audrey Tang, where they discussed blockchain technology and its global impact on politics and the economy.

During the Plurality Taipei conference, Buterin received his Employment Card from Tang, further solidifying his commitment to Taiwan. He mentioned that Taiwan has a thriving Ethereum community and expressed his gratitude for the ease of visiting and working there with the Gold Card.

Taiwan Prepares for Hong Kong-Style Crypto Regulations

Taiwan’s government has been actively courting crypto leaders like Vitalik Buterin to boost its emerging blockchain sector. In line with global trends, Taiwan is also working on establishing clear regulatory frameworks for crypto firms.

The Financial Supervisory Commission (FSC) will take on the responsibility of overseeing Taiwan’s crypto sector, according to a document seen by the Taiwanese news outlet ABMedia. The document outlines 13 principles that will guide the FSC’s approach to crypto regulation.

The proposed guidelines include mandatory registration for cryptocurrency exchanges with the FSC, adherence to anti-money laundering regulations, and consumer protection measures such as requiring exchanges to insure against user losses. The FSC also drew inspiration from Hong Kong’s Virtual Asset Service Provider (VASP) licensing framework while considering other global regulatory regimes.

Additionally, the FSC discussed potential bans on stablecoins pegged to the Taiwanese dollar and restrictions on foreign exchange advertising. It also expressed interest in fostering self-regulation through the establishment of new industry associations and an amendment to existing legislation to accommodate digital asset services.

Disclaimer

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Editor Notes

With Taiwan’s proactive approach to attract crypto talent and establish clear regulatory frameworks, it seems like the country is positioning itself as a new crypto hub. If Taiwan successfully implements its plans, it has the potential to become a major player in the global crypto industry, attracting both talent and investments. Stay updated with the latest crypto news and developments on Uber Crypto News.