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Jason Hsu presents" Why Taiwan "at the Blockfesta Conference in Seoul Kevin Hoo
Rachel Wolfson: What cryptographic and blockchain laws are you currently working on?
Jason Hsu: We have created a parliamentary coalition in the Taiwan parliament for the blockchain, which is a bipartisan alliance designed to help the sector. I have also launched & nbsp; self-regulatory organizations (SROs) for blockchain and crypto, where we are working together to find a set of guidelines to regulate exchanges. These guidelines will provide the basic parameters on how cryptographic exchanges and other taxes are defined. When we announce the guidelines in the coming weeks, it will be a regional consensus with Taiwan, Japan and Korea, Singapore, Hong Kong and other Asian countries. We are also organizing an Asia SRO summit in November to bring regulators and industries together to discuss guiding principles.
In addition, I recently launched "One Crypto World" (OCW) tokens to be distributed among world leaders in space blockchain. The amount of OCW is limited to 1,000. OCW is issued via ERC-20 and contains no value; nor will it be exchanged on the stock exchange. The OCW is more a badge than a token, which serves as proof of support for the policies, initiatives and legislation I am carrying out. So far, those who have received my OCW include the mayor of Seoul and the president of the Korean Blockchain Association. We will also give Vitalik Buterin to an OCW.
Jason Hsu portrayed with the co-founder of Ethereum, Vitalik Buterin at the desk of Jason Legislator Jason Hsu
Wolfson: What guidelines are you planning for the drafting of Taiwan?
Hsu: The guidelines are basically a set of principles that explain how exchanges should regulate themselves. These principles include: regulatory compliance, information transparency, prudent administration, operational risk management and market management, liquidity and credit risk. For example, when there is an Initial Coin Offering (ICO) listed on the stock exchange, they must reveal the background of their investors. Exchanges must separate and safeguard customers' assets and conduct on-board due diligence through multi-level authentication. The exchanges must contain sufficient net liquid resources to cover potential corporate losses.
In addition, there are very strict rules regarding the rules relating to their customers (KYC) and anti-money laundering (AML). Regarding some scams and some misconduct that we have seen with the ICOs, the SRO will vote to decide if a certain behavior is allowed or not, which we will examine periodically in a peer-to-peer way.
Wolfson: What are the most important factors needed to drive innovation in the blockchain space?
Hsu: First, an open-minded regulatory perspective is needed. Technology is evolving exponentially and regulators must evolve as technology does. We therefore need to enable cases of daily use of blockchain. Governments should think about how to create environmental situations where citizens can use this technology and feel part of their lives. So we have to think about developing countries and how we can get them the technology. You need to bring the technology to the bottom of the pyramid and have it used.
Finally, education is very important. Regarding the blockchain, education is necessary from the point of view of the school curriculum. Much must also be done by the consumer and entrepreneurial prospects. For example, when ICO is mentioned in certain places, people think of a scam. The government and public opinion must be informed and instructed on how to behave in a conscious way.
Wolfson: How do you plan to turn Taiwan into a blockchain island and into a nation crypt?
Hsu: [19659007] We are developing a "special economic zone", where we are bringing 200 global blockchain companies to Taiwan. We are also working on developing a digital identity solution called "Taiwan global ID", which will allow us to allow citizens to have their visas on the blockchain.
Also, during my recent trip to California, I spoke with a well-known entrepreneur, Peter Thiel, about the problem of mining power controlled by one or two players at this time. The big company that is going to IPO soon in Hong Kong will probably control 51% of the hash power. In terms of the future of Bitcoin, one thing I want to emphasize is the fear that big players have dominant hashing power. Mining is becoming centralized and monopolized on the blockchain, which defeats the purpose of decentralization.
Wolfson: Are you working on a solution to this?
Hsu: In Taiwan, we are working on a solution called "decentralized mining". We want to leverage Taiwan's main strength in IC chip design and semiconductor and create faster and more efficient mining chips. This will be a crowdfunding mining project, which will allow everyone to participate. Instead of a company that manufactures mining machines that extract the damage, we allow the average person to extract and contribute to the ecosystem. The decentralization of hashing power is equivalent to the genesis of Bitcoin's peer-to-peer network.
Wolfson: What are your general thoughts about ICOs?
Hsu: I think the crypto industry needs a correction obviously when it comes to ICO. For example, too much attention remains on the price of the encryption, but not enough on the execution of the projects. In terms of ICO, there must be more thought through the framework for information disclosure. This is why part of our efforts is to create guidelines for the dissemination of information on ICOs.
Furthermore, not all blockchain projects have to do an ICO. When you launch an ICO, all the attention and effort is generally on the ICO and not on the execution of the project. I would like to see more projects defined as real use cases for blockchain applications with less attention to ICO .
I would also like to see more ICOs launched to help social economic developments in some of the worst areas in the world. Instead of having an ICO for each project, we need to be selective about the ICOs we participate in. In fact, there is a good social cause ICO that I am helping to develop with some key leaders in space. There are plans to get the blockchain and the Ethereum infrastructure in the development areas of the world to help us create what we will call "social ICO".
Wolfson: Which ICO do you see as potential today?
Hsu: In terms of ICOs with potential, I am a big supporter of identity. Blockchain technology can give people access to information through different resources. For example, it is of great impact if blockchain technology is used to create identity applications to help fund refugees that are not welcomed or supported.
I would also like countries to adopt the cross-border digital economy strategy. Additional country-country protocols are currently being defined. However, blockchain is still in its early stages. We've barely scratched the surface, so I'll say that a challenge over the next five years is just figuring out how to move from ideas to the vanguard to real use cases. Furthermore, as mentioned by Vitalik Buterin during his conversation with the focolare, governments should be able to allow the daily use of blockchain and crypto, allowing all citizens to access these tools.
Wolfson: What are your thoughts on security tokens?
Hsu: I think 2017 was the year of the ICOs and that 2018 is moving from a bull market to a bear market. And I believe that 2019 will be the year of security tokens. We have to look carefully at the space, as countries are elaborating rules on how to regulate and define security tokens. The G20 summit to be held in Argentina this year will likely have major announcements, in which several countries will define security tokens.
In addition, investors are moving away from buying tokens and becoming interested in equity. In terms of regulations, I am working to develop a clear definition of security token, which will be coupled with bank and securities law, along with some exemptions and exemptions based on blockchain technology. In 2019, I think Japan will be the country that regulates security tokens to guarantee the general guiding rules of global industry.
Real estate assets as security tokens are also becoming a trend, as more countries are moving towards digitized assets. For example, many private equity firms are trying to liquidate their client projects based on a virtual asset strategy. The special economic zone I am developing for blockchain will have a renunciation of the area to develop virtual real estate projects there.
Wolfson: Do you think we will see the end of the ICOs with the emergence of security tokens?
Hsu: As I said, I would like to see ICOs applied to people who can really benefit from it. However, I think more projects will shift towards stocks, as investors and regulators want.
Wolfson: What are your thoughts on the future of Bitcoin?
Hsu: I think Bitcoin is really the genesis of all cryptos. It is clearly the simplest application and the most elegant use of the blockchain. I think Bitcoin is here to stay because of its purity and its applications to alternative finance .
However, I find competitions between different protocols to be goods. For example, consider projects that are accumulating a lot of money and fail to deliver them. If you compare it to Bitcoin, you see that the projects do not reach what they have promised. But, I think more governments treasury will start treating Bitcoin as part of their policies, so I remain optimistic about the future of Bitcoin.
Wolfson: How did you become friendly with Vitalik Buterin? [19659006] Hsu: My relationship with Vitalik began after September 3, 2017, when China banned the ICO. I held a public hearing with our prime minister and openly asked Vitalik's support for blockchain and crypt in Taiwan. Vitalik took note of it and we were then introduced. He shared tips and insights on what he thought of the industry. I see him as my personal consultant. In fact, Vitalik is one of the few people left in the industry who remains faithful to the ideals on which blockchain and crypts were built.
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Jason Hsu presents" Why Taiwan "at the Blockfesta Conference in Seoul Kevin Hoo
The legislator and member of the Congress of Taiwan, Jason Hsu intends to transform Taiwan in the next island of the blockchain and in the cryptic nation of the world. Taking the nickname of "Crypto Congressman" by Vitalik Buterin, Hsu worked as a technology entrepreneur before getting in touch with politics In 2016, Hsu became an official legislature and a member of the Parliament in Taiwan, focusing much of its attention on bridging the gap between public policy and technology, and since then it has introduced several initiatives in the areas of autonomous vehicles, IT security legislation, digital economy laws, and is now focusing its focus on crypto and blockchain legislation.
After meeting Hsu in San Francisco during a private chat at the fireplace with Vitalik Bu terin, I had the chance to learn more about his plans to turn Taiwan into an island of blockchain and a crypto nation.
Rachel Wolfson: What cryptographic and blockchain laws are you currently working on?
Jason Hsu: We have created a parliamentary coalition in the Taiwan parliament for the blockchain, which is a bipartisan alliance designed to help support industry. I have also launched self-regulatory organizations (SROs) for blockchain and crypto, where we are working together to develop a set of guidelines for trade regulation. These guidelines will provide the basic parameters on how cryptographic exchanges and other taxes are defined. When we announce the guidelines in the coming weeks, it will be a regional consensus with Taiwan, Japan and Korea, Singapore, Hong Kong and other Asian countries. We are also organizing an Asia SRO summit in November to bring regulators and industries together to discuss guiding principles.
In addition, I recently also launched the "One Crypto World" (OCW) tokens to be distributed among global thought leaders in the blockchain space. The amount of OCW is limited to 1,000. OCW is issued via ERC-20 and contains no value; nor will it be exchanged on the stock exchange. The OCW is more a badge than a token, which serves as proof of support for the policies, initiatives and legislation I am carrying out. So far, those who have received my OCW include the mayor of Seoul and the president of the Korean Blockchain Association. We will also give Vitalik Buterin an OCW.
Jason Hsu in the picture with the co-founder of Ethereum, Vitalik Buterin at the desk of Jason Legislator Jason Hsu
Wolfson: What guidelines are you planning for the drafting of Taiwan?
Hsu: The guidelines are basically a set of principles that explain how exchanges should regulate themselves. These principles include: regulatory compliance, information transparency, prudent administration, operational risk management and market management, liquidity and credit risk. For example, when there is an Initial Coin Offering (ICO) listed on the stock exchange, they must reveal the background of their investors. Exchanges must separate and safeguard customers' assets and conduct on-board due diligence through multi-level authentication. The exchanges must contain sufficient net liquid resources to cover potential corporate losses.
In addition, there are very strict rules regarding the rules relating to their customers (KYC) and anti-money laundering (AML). Regarding some scams and some misconduct that we have seen with the ICOs, the SRO will vote to decide if a certain behavior is allowed or not, which we will examine periodically in a peer-to-peer way.
Wolfson: What are the most important factors needed to drive innovation in the blockchain space?
Hsu: First, an open-minded regulatory perspective is needed. Technology is evolving exponentially and regulators must evolve as technology does. We therefore need to enable cases of daily use of blockchain. Governments should think about how to create environmental situations where citizens can use this technology and feel part of their lives. So we have to think about developing countries and how we can get them the technology. You need to bring the technology to the bottom of the pyramid and have it used.
Finally, education is very important. Regarding the blockchain, education is necessary from the point of view of the school curriculum. Much must also be done by the consumer and entrepreneurial prospects. For example, when ICO is mentioned in certain places, people think of a scam. The government and public opinion must be informed and instructed on how to behave in a conscious way.
Wolfson: How do you plan to turn Taiwan into a blockchain island and into a nation crypt?
Hsu: [19659007] We are developing a "special economic zone", where we are bringing 200 global blockchain companies to Taiwan. We are also working on developing a digital identity solution called "Taiwan global ID", which will allow us to allow citizens to have their visas on the blockchain.
Also, during my recent trip to California, I spoke with a well-known entrepreneur, Peter Thiel, about the problem of mining power controlled by one or two players at this time. The big company that is going to IPO soon in Hong Kong will probably control 51% of the hash power. In terms of the future of Bitcoin, one thing I want to emphasize is the fear that big players have dominant hashing power. Mining is becoming centralized and monopolized on the blockchain, which defeats the purpose of decentralization.
Wolfson: Are you working on a solution to this?
Hsu: In Taiwan, we are working on a solution called "decentralized mining". We want to leverage Taiwan's main strength in IC chip design and semiconductor and create faster and more efficient mining chips. This will be a crowdfunding mining project, which will allow everyone to participate. Instead of a company that manufactures mining machines that extract the damage, we allow the average person to extract and contribute to the ecosystem. The decentralization of hashing power is equivalent to the genesis of Bitcoin's peer-to-peer network.
Wolfson: What are your general thoughts about ICOs?
Hsu: I think the crypto industry needs a correction obviously when it comes to ICO. For example, too much attention remains on the price of the encryption, but not enough on the execution of the projects. In terms of ICO, there must be more thought through the framework for information disclosure. This is why part of our efforts is to create guidelines for the dissemination of information on ICOs.
Furthermore, not all blockchain projects have to do an ICO. When you launch an ICO, all the attention and effort is generally on the ICO and not on the execution of the project. I would like to see more projects being defined as real use cases for blockchain applications with less attention to ICO .
I would also like to see more ICOs launched to help social economic developments in some of the worst areas in the world. Instead of having an ICO for each project, we need to be selective about the ICOs we participate in. In fact, there is a good social cause ICO that I am helping to develop with some key leaders in space. There are plans to get the blockchain and the Ethereum infrastructure in the development areas of the world to help us create what we will call "social ICO".
Wolfson: Which ICO do you see as potential today?
Hsu: In terms of ICOs with potential, I am a big supporter of identity. Blockchain technology can give people access to information through different resources. For example, it is of great impact if blockchain technology is used to create identity applications to help fund refugees that are not welcomed or supported.
I would also like countries to adopt the cross-border digital economy strategy. Additional country-country protocols are currently being defined. However, blockchain is still in its early stages. We've barely scratched the surface, so I'll say that a challenge over the next five years is just figuring out how to move from ideas to the vanguard to real use cases. Furthermore, as mentioned by Vitalik Buterin during his conversation with the focolare, governments should be able to allow the daily use of blockchain and crypto, allowing all citizens to access these tools.
Wolfson: What are your thoughts on security tokens?
Hsu: I think 2017 was the year of the ICOs and that 2018 is moving from a bull market to a bear market. And I believe that 2019 will be the year of security tokens. We have to look carefully at the space, as countries are elaborating rules on how to regulate and define security tokens. The G20 summit to be held in Argentina this year will likely have major announcements, in which several countries will define security tokens.
In addition, investors are moving away from buying tokens and becoming interested in equity. In terms of regulations, I am working to develop a clear definition of security token, which will be coupled with bank and securities law, along with some exemptions and exemptions based on blockchain technology. In 2019, I think Japan will be the country that regulates security tokens to guarantee the general guiding rules of global industry.
Real estate assets as security tokens are also becoming a trend, as more countries are moving towards digitized assets. For example, many private equity firms are trying to liquidate their client projects based on a virtual asset strategy. The special economic zone I am developing for blockchain will have a renunciation of the area to develop virtual real estate projects there.
Wolfson: Do you think we will see the end of the ICOs with the emergence of security tokens?
Hsu: As I said, I would like to see ICOs applied to people who can really benefit from it. However, I think more projects will shift towards stocks, as investors and regulators want.
Wolfson: What are your thoughts on the future of Bitcoin?
Hsu: I think Bitcoin is really the genesis of all cryptos. It is clearly the simplest application and the most elegant use of the blockchain. I believe Bitcoin is here to stay because of its purity and its applications to alternative finance .
However, I find competitions between different protocols to be goods. For example, consider projects that are accumulating a lot of money and fail to deliver them. If you compare it to Bitcoin, you see that the projects do not reach what they have promised. But, I think more governments treasury will start treating Bitcoin as part of their policies, so I remain optimistic about the future of Bitcoin.
Wolfson: How did you become friendly with Vitalik Buterin? [19659006] Hsu: My relationship with Vitalik began after September 3, 2017, when China banned the ICO. I held a public hearing with our prime minister and openly asked Vitalik's support for blockchain and crypt in Taiwan. Vitalik took note of it and we were then introduced. He shared tips and insights on what he thought of the industry. I see him as my personal consultant. In fact, Vitalik is one of the few people left in the industry who remains faithful to the ideals on which blockchain and crypts were built.
