Taiwan’s road to becoming a blockchain island continues on as Jason Hsu announced on Twitter that he would be setting up a self-regulatory organization (SRO) for the blockchain industry in Taiwan. Hsu says that the move is a step towards bringing the Taiwanese government, the blockchain industry and the “ecosystem” together.
Jason Hsu or Xu Yuren is a Taiwanese legislator and member of Parliament who has been working tirelessly to transform Taiwan into a “blockchain island”.
The Need for SRO
Hsu believes that setting up an SRO is an urgent matter as it is what the industry needs today. Hsu says that an SRO will be a key factor in the communication, education, and cooperation of all parties.
The formation of an SRO allows the government to take a more supportive approach towards the blockchain industry. For industry players, an SRO encourages the development of a harmonious community rather than competitive one.
The Taiwan SRO aims to answer the problems that the public have with the blockchain industry. As an industry built around a relatively new technology, the blockchain industry faces many issues with government regulations and low public trust.