The Financial Supervisory Commission (FSC) yesterday said that it would clearly define so-called “securities tokens” and draft regulations for security token offerings by June to protect investors.
The FSC, which said at the Legislative Yuan’s Finance Committee in October last year that it would draft national standards for initial coin offerings, would not regulate digital tokens that are not securities tokens, FSC Chairman Wellington Koo (顧立雄) told a news conference yesterday.
“It is not easy to draw up the rules, as there is little to draw upon from other countries, but we will try to complete the work by June,” Koo said, adding that many nations are still in the process of making their rules.
Although the US Securities and Exchange Commission has proposed a definition for securities tokens, it seems to be too loose to be applied in Taiwan, Koo said.
There are many types of digital coins, but only those that have securities-like attributes — such as those with the potential to make capital gains through trading, or which serve as units of ownership interests in a corporation or asset — can be defined as securities tokens, Koo said.
As these tokens function similarly to a security, the commission would not draft another set of rules on token trades, but their trade would be regulated under the Securities Exchange Act (證券交易法), Koo said.
The commission would continue to communicate with the exchanges and firms that sell or issue the coins, Koo said.
The commission has no intention of stifling the potential innovations and productivity gains associated with cryptocurrencies if they are not used as securities, the chairman said.
Coins that are not defined as securities tokes and their initial coin offerings would not be regulated, he said.
RECORD BUDGET: TSMC does plan to raise its proposed capital expenditure a lot, and could benefit if Intel outsources more of its production to foundries, analysts said Intel Corp’s earnings conference call on Thursday is expected to clarify the US semiconductor giant’s outsourcing production plans, which would be crucial regarding Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) performance, analysts said. “TSMC stands to benefit if Intel outsources more of its fabrication to foundries,” SinoPac Securities Investment Service Corp (永豐投顧) analysts said in a note on Friday. Yuanta Securities Investment Consulting Co (元大投顧) was more cautious, saying that Intel’s contribution initially would be limited, but its outsourcing plans would still highlight TSMC’s leadership in technology, it added. “Intel will continue to manufacture server or high-end central processing units [CPUs], which have higher
MediaTek Inc (聯發科) yesterday announced it would give incentive bonuses totaling NT$1.7 billion (US$59.7 million) to its employees and those at the firm’s major subsidiaries, after the smartphone chip supplier’s revenue hit US$10 billion last year. This is the biggest incentive bonus the Hsinchu-based handset chip designer has ever distributed in its 23-year history. About 17,000 full-time employees of MediaTek and five of its subsidiaries, including Richtek Technology Corp (立錡科技) and Airoha Technology Corp (絡達科技), would receive a “red envelope” of NT$100,000 each, the company said. “Surpassing US$10 billion is just the beginning. We will continue to [grow] on this basis,” MediaTek
TO SPUR REVENUE: The contract chipmaker expects its profit to grow 15 percent this year, outpacing the foundry industry’s projected advance of about 10 percent Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday raised its projected capital spending for this year by 62 percent, a new high, in an attempt to satisfy customer demand for advanced technologies in the production of central processing units, high-performance-computing (HPC) devices and 5G applications. After investing US$17.24 billion last year, TSMC this year plans to spend US$25 billion to US$28 billion on manufacturing equipment and new facilities, including a fab in the US. About 80 percent of the budget would be allocated for developing advanced technologies including 3, 5 and 7-nanometer technologies, the company said. The larger-than-expected capital spending prompted speculation
Norway’s oil and gas reserves have made it one of the world’s wealthiest countries, but its dreams for deep-sea discovery now center on something different. This time, Oslo is looking for a leading role in mining copper, zinc and other metals found on the seabed and in hot demand in green technologies. The country could license companies for deep-sea mining as early as 2023, the Norwegian Ministry of Petroleum and Energy said, potentially placing it among the first countries to harvest seabed metals for electric vehicle batteries, wind turbines and solar farms. However, that could also place it on the front line of
RSS