Cross-Straits Blockchain Alliance Established To Promote Industry Connection, Innovation& Incubation

July 1, 2018 - The "Cross-Straits Blockchain Alliance" was officially established today, July 1. New Taipei City Mayor Eric Chu and former Executive Dean Sean Chen were present to discuss the current development of the blockchain and the regulatory standards among other issues.

The phrase "currency is not dead, just dying" points out where blockchain is today. In recent years, blockchain has become the hottest topic in the financial and scientific sectors, but the position of Taiwan's regulatory authorities in the blockchain industry has remained unclear. The purpose of establishing the Cross-Straits Blockchain Alliance is to connect cross-strait industries, accelerate the establishment of cross-strait incubation centers, and give Taiwan a chance to occupy a seat in the next blockchain wave.

In the face of the chaos of today's blockchain market, many "scam ICOs" abound. Based on the concept of decentralization, how should the management standards of supervisory units be handled? In this regard, former political council member Jaclyn Tsai said that the legal supervision mechanism should rethink the value of the blockchain. The "self-regulatory organization (SRO)" is a compromise solution to the problem underlying the existing system. Nowadays, the borderless nature of the Internet has caused a great impact on the law. Promoting the further loosening of the law through the SRO and acting as a legal docking window will allow domestic laws and regulations to be in line with international standards.

In May of this year (2018), the SRO was officially born under the urging of the legislators Jason Hsu and others.