Lawmakers in Taiwan have today announced the formation of a new parliamentary group aimed to help foster the nation's emerging blockchain sector.

The creation of the group – the Taiwan Parliamentary Coalition for Blockchain (TPCB) – was led by legislator Jason Hsu Yu-Jen in the hopes of uniting politicians from different parties to push for well-defined regulatory frameworks to facilitate blockchain development and to safeguard investors.

An active and long-time supporter of blockchain and cryptocurrency, Hsu has on multiple occasions expressed his belief that the technology is crucial in helping the island stay globally competitive.

In a recent tweet, he further declared the ambition to make Taiwan a "crypto nation" and "blockchain island" by attracting worldwide venture capital funds and crypto exchanges by setting up a dedicated regulatory "sandbox" for initial coin offerings.

Lin Chih-chia, secretary-general of the government's legislative arm, said at the launch ceremony that the initiative will receive full support from Su Chia-chyuan, president of the Legislative House.

"No matter what the blockchain initiative needs – whether it's human resources, financial resources, or a revision of current law – we will prioritize them for it to let the blockchain industry flourish so that it can be useful in Taiwan," Lin said.

In addition, according to a video recording of the event posted on Hsu's Facebook feed, today's announcement also revealed the establishment of the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO).

Seeking participation from both industry players and the academic world, the SRO sets out to to mandate compliance from cryptocurrency exchanges to build a transparent, fair and reliable market in order to protect investors.

Hsu Yu-Jen image via Hsu's office