Japan Virtual Currency Exchange Association (JVCEA) advises the government to reform the IEO system and encourage the use of domestic compliant exchanges.
With the establishment of the Taiwan Virtual Asset Service Providers (VASP) Association, cryptocurrency exchanges and related businesses in Taiwan will gradually move towards self-regulation. Which countries can serve as a reference? Japan established an exchange association as early as 2016, working together with the Japanese Financial Services Agency to discuss policy formulation. This may be the path Taiwan will take in the future.
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JVCEA Proposal: Towards the Sound Development of the IEO Market, Promoting the Use of Domestic Compliant Exchanges
JVCEA stated that since May of this year, the JCBA ICO and IEO Subcommittee have been discussing the ideal IEO system. They proposed ways to protect users through "price stability" and "sales restrictions," encouraging them to manage assets under Japanese regulations rather than using overseas exchanges.
Regarding the regulations currently proposed by JVCEA, they are not significantly different from the requirements of international exchanges for IEO liquidity and issuers, such as specifying the need for market makers to maintain market liquidity and imposing selling restrictions with a "lock-up period" for issuers. Japanese industry players aim to incorporate these regulations into self-regulation and discuss with the Japanese government the feasibility of complementary measures and implementation.
