The Taiwan-based crypto congressman continued his push for more modernized regulation around technology, proposing new rules for selling tokens.
On Friday, Taiwanese lawmaker Jason Hsu published a list of policy recommendations aimed at helping cryptocurrency startups, including one that sees the Ministry of Economy (MOEA) create a new business category, as well as a new legal framework for security tokens.
Hsu also called on the fiscal committee of the Taiwan legislature to issue guidelines for initial coin proposals (ICO) with a focus on consumer protection. His proposal comes a few days after the country's financial regulator announced that he will create ICO rules over the next eight months.
The Taipei Times reported last week that the chairman of the Financial Supervision Commission, Wellington Koo, informed the Committee that the “national standards” for holding an ICO would be completed by June next year.
He announced that these standards are likely to determine how tokens can be classified as securities, but added, in particular, that cryptoterms used to purchase goods or actions not related to the offer of securities will not fall under new rules.
The proposed Hsu structure will go further, requiring MOEA to develop new consumer protection and taxation guidelines, according to a press release on Friday.
He also proposed a specific proposal for security token proposals (STOs) based on the French Commercial Growth and Transformation Act and the test of U. S. Howey. If he signed the law, his proposal would clarify which sales of tokens fall under the country's securities and stock exchanges law. STOs may also be subject to share crowdfunding rules and related laws, the Hsu issue notes.