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According to the 2017 FSC Release, the FSC also expressed the following views on ICOs in response to the rising number of ICOs and other investment activity relating to virtual currencies.1
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Digital interests, digital assets or digital virtual currencies are all examples of digital commodities that are issued and sold in an ICO. ICOs should be classified based on their individual characteristics. The issue of whether tokens in an ICO are deemed securities under the SEA depends on the facts of each individual case. For example, if the ICO involves the offer and issue of securities, it should be subject to Taiwan's SEA.
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A virtual currency or an ICO issuer who misrepresents technology or its outcomes or promises unrealistic returns would be committing fraud or illegal fundraising.
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In looking at whether an ICO would be considered a security offering, the primary consideration is whether the Taiwanese securities laws are applicable. Under the current regulations, any offer or sale of securities in Taiwan, either through public offering or private placement, must be done in accordance with the SEA and its related regulations as well as applicable rulings issued by the FSC.1
Digital assets in Taiwan
Fintech in Taiwan
Fintech in other countries
Notes
- https://thelawreviews.co.uk/title/the-financial-technology-law-review/taiwan
