Here’s to 2019: a plurality of possibilities
If you look around the blockchain and crypto world today, what you often feel is a deep sense of gloom. The crypto market seems to be crumbling down and the mood is grim and dark. But I would like to submit the otherwise and the answer does not lie in the current state. but a longing for advancement of humanity and financial liberty and financial inclusion as a whole. The reality is that we are now living through a technological revolution.
The year 2019 will be the year of regulatory landscape change. I foresee governments around the world taking a more liberal view of crypto and enabling more research and development budget to implement blockchain across different sector. The past 12 months downward spiral of crypto projects a normalized state of mind – allowing technology to develop, test and scale. I feel the biggest hurdle this industry has to overcome is adoption rate. We must enable massive adoption with enterprises and industries. In Taiwan I am setting up a Blockchain Center of Excellence and a Blockchain Special Economic Zone(SEZ) to facilitate industry integration.
It is also the right timing for regulators to start figuring out what regulations are needed and how to redefine crypto as value-based asset. I also predict central banks experimenting more initiatives with blockchain such as bond issuing or central bank digital currencies.
As ICO winds down, crypto investors will turn to STO, which has intrinsic value with actual asset backing. In terms of regulating STO, I propose to approve investment contract as security and seek for exemption of duty of registration and disclosure of regular public offerings from securities laws. However, the regulations regulating securities fraud still apply,
All in all, we are only at the early stage of this amazing movement. Don’t capitulate. Don’t worry too much about up-and-down of price. Work on your products. Focus on delivery. And make sure you get the technology to the hands of people who need it.」
– By Crypto Congressman, Jason Hsu, Taiwan Parliament
