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Taiwan Blockchain Group To Join Regulatory Safe Haven

A group of Taiwanese blockchain companies and financial institutions are on the brink of joining a new regulatory sandbox for financial technologies, designed to provide a regulatory-light sandbox for the exploration of new technologies and applications.

Announced earlier in December, the Amis consortium is made up of a number of companies in the financial and tech spaces, with the shared aim of exploring further commercial uses for the blockchain and distributed ledger technology.

Featuring, among others, input from the Industrial Technology Research Institute of Taiwan, the group is eyeing an international rollout if its initial tests prove to be productive. With consumer-facing test models already up and running, the consortium hopes to be able to further develop and commercialize its model, with potential implications for the global financial sector.

The group is working to the stated aim of building on their current models, which they hope could be brought to market in the near future. Their testing will focus initially on facilitating bank employee tasks, with a plan to develop a shared ledger for bank-to-bank transactions as the model becomes more established.

Taiwanese authorities have been at the forefront of efforts to create a safe, tailored regulatory environment for financial technology companies to explore new innovations around the blockchain. Their work is running concurrently to efforts from governments, regulators and central banks worldwide, as the financial industry in particular takes serious steps forward toward improving the commercial viability of blockchain transactional technologies.

Consortium CEO Alex Liu has said that the move would mark a significant improvement in testing conditions for the group, with the ultimate aim of taking their model to the wider global market.

"We’re going to enter the government’s regulatory sandbox so that we can widen the scope of that proof of concept to more customers...Compared to the existing situation, where there could be criminal penalties for the type of trials we are performing, this is already a huge step forward...We’re starting with a very specific geography and a smaller set of use cases. We chose that way of going about things because we think it’s easier to prove and commercialize tightly defined use cases. From there, we’ll scale up to multinational."