Is the list of the new 520 Cabinet members closely related to Taiwan's blockchain startups?

Table of Contents

FSC: Wellington Koo Imposes Heavy Penalties on Financial Institutions Before Stepping Down

When it comes to the most vibrant applications of blockchain and cryptocurrency, it is evident in the investment trading market. In Taiwan, the Financial Supervisory Commission (FSC) plays a crucial role. In the history of cryptocurrency development in Taiwan, issues such as defining cryptocurrencies, managing cryptocurrency exchanges, Security Token Offerings (STO), virtual currency fundraising, etc., are under the responsibility of the FSC.

Wellington Koo took office as the FSC chairman in September 2017, coinciding with the boom of Initial Public Offerings (IPOs) and Initial Coin Offerings (ICOs) in the cryptocurrency world. Subsequently, he held public hearings on the cryptocurrency industry and formulated regulations, including regulations related to Security Token Offerings (STOs). Although most blockchain industry players were not entirely satisfied, Taiwan's financial supervision has always been relatively conservative based on the premise of investor protection and anti-money laundering, showing some progress.

Before stepping down, FSC Chairman Wellington Koo heavily penalized several financial institutions, including Taishin Bank, Shin Kong Life, and BNP Paribas Life, with fines totaling millions of New Taiwan Dollars. The penalized actions involved "using investment-type insurance policies as collateral for loans to purchase new investment-type insurance policies" and related investment solicitations and information concealment. In addition, according to a report by the Commercial Times, on the 18th, Wellington Koo announced in the Finance Committee that domestic companies will be allowed to open "credit-based" foreign currency accounts at Offshore Banking Units (OBUs) without the need to establish overseas paper companies to open accounts, making fund flows more efficient. However, the schedule for opening will be announced by the new FSC chairman, Huang Tien-mu.

In fact, the cryptocurrency industry has many investment products and behaviors similar to traditional finance. If it reaches a certain level of popularity, it will inevitably face regulatory issues.

The next FSC chairman will be the current Vice Chairman of the FSC since 2013, Huang Tien-mu. With the development of Taiwan's blockchain industry, there will be more interactions to come.

NDC: Chen Mei-ling Releases Seven Arrows Before Stepping Down

As reported yesterday, the National Development Council of Taiwan released a press release yesterday (19th), stating that after collecting opinions from experts and scholars, the "Post-COVID-19 Taiwan Economic Development Strategy" should focus on seven major areas. Although most areas have room for blockchain, in the report of only 32 pages, "blockchain" appears only once. This report is considered the graduation project before the departure of the current chairman, Chen Mei-ling, and will be succeeded by current political commissioner Kung Ming-hsin.

Political Commissioner: Digital Minister Tang Feng Remains in Office

In addition to inviting radical market author Glen Weyl and Ethereum founder Vitalik to the "Presidential Hackathon" and discussing blockchain with Decrypt media, Political Commissioner Tang Feng has been very helpful in using technology in epidemic prevention efforts and connecting President Tsai Ing-wen with Minerva University to share epidemic prevention achievements online. He also frequently meets with blockchain-related startups, which is quite helpful for information exchange and industry visibility. Tang Feng will continue in the new cabinet lineup.

Furthermore, Minister of Science and Technology Chen Liang-gee has been replaced by current political commissioner Wu Tsung-chung.

For the complete cabinet lineup, please refer to the link