Taiwan government has formed two new groups - The Taiwan Parliamentary Coalition for Blockchain (TPCB) and the Taiwan Blockchain Self-Regulatory Organization (TBSRO) - in order to promote the growth of blockchain technology and cryptocurrencies in the country.

With the establishment of these coalitions, the nation aims to offer an improved regulatory framework for the blockchain adoption. The primary objective would be to draw up regulations regarding Initial Coin Offerings (ICOs), exchanges and assign work to various arms of the government. 

As for the TPCB, it aims to safeguard and protect the investors and the members will have to abide by data security, transparency, and other investor protection measures that the body will implement.  Currently, Taiwan also has a major focus on preventing money laundering, with new regulations introduced last month.

The coalitions were formed under the leadership of legislator Jason Hsu Yu-Jen, a staunch blockchain supporter, and advocate in the Taiwan politics. Yu-Jen is hoping politicians from various parties to form a regulatory body to look after the innovations in the distributed ledger technology.  He explained in his Facebook feed recently about how the organizations are also expected to work on assuring transparency in any evolving cryptocurrency and blockchain.

The legislator has previously mentioned about his dream of turning the island into a ‘Crypto-nation’, a hub for cryptocurrency and blockchain technology, including ICOs and digital currency exchanges. This would prove pivotal in attracting funds and crypto giants to the nation. Legislative Yuan will also be supporting the TPCB. According to reports, Lin Chih-chia, the secretary general pledges to receive support and advice from the president of the Legislative Yuan, Su Chia-chyuan.  As per Taiwan’s Financial Supervisory Commission, the nation’s regulations will be based partly on Singaporean regulations on cryptocurrency.

Taiwan has been rapidly working towards emerging as a blockchain and cryptocurrency hub, with stricter regulations on digital currency.  Taiwan also witnessed its first blockchain payment system implemented by the Taipei Fubon Bank.