Taiwan Mobile Obtains Crypto License: Telecom Giant Eyes Digital Currency Market
On July 5, Taiwan’s second-largest telecom operator, Taiwan Mobile, received approval from the Financial Supervisory Commission (FSC) to offer cryptocurrency services.
The FSC announced the approval, revealing that the company has successfully registered as a Virtual Asset Service Provider (VASP).
Taiwan Mobile: A New Player in the Virtual Asset Service Provider (VASP) Sector
With this approval, Taiwan Mobile becomes the 26th registered VASP in the country, joining the ranks of existing providers such as MaiCoin, BitoPro, and XREX.
Taiwan Mobile’s VASP registration has sparked speculation about its next moves in the cryptocurrency market.
Previously, Bloomberg reported that Taiwan Mobile is exploring partnerships and investments within Taiwan’s digital asset market, hinting at the possibility of establishing a cryptocurrency exchange.
With over 10 million customers, Taiwan Mobile’s entry into the crypto market could significantly increase retail investors’ access to digital assets.
Tightening Crypto Regulations in Taiwan
Taiwan’s crypto regulatory landscape has been rapidly evolving. In 2021, the FSC implemented stringent anti-money laundering (AML) regulations for cryptocurrency service providers.
In September 2023, these regulations were further tightened with comprehensive guidelines, including a ban on unregistered Bitcoin exchanges operating in Taiwan.
The evolving regulatory framework led to the formation of the Taiwan Virtual Asset Service Provider (VASP) Association, chaired by BitoPro founder and CEO Alex Cheng.
The association aims to collaborate with government and law enforcement agencies to reduce fraud and criminal activities within the industry.
This development follows the Ministry of Justice’s proposal to amend Taiwan’s anti-money laundering laws to encompass digital asset providers. The proposed amendment could impose fines of up to $1.5 million or imprisonment for non-compliant crypto companies.
Taiwan Mobile’s Entry into the Crypto Market
Taiwan Mobile’s move into the crypto market comes as the country strives to establish a transparent and fair cryptocurrency system.
The company’s actions, coupled with the newly formed industry association, highlight Taiwan’s commitment to fostering a crypto-friendly environment and aligning with international best practices for consumer protection.
As Taiwan Mobile explores potential collaborations with local cryptocurrency platforms and considers investments in the sector, its VASP status positions it to play a significant role in shaping the future of digital assets in Taiwan.
