Taiwan Mobile, the second-largest telecom operator in Taiwan, has recently made a significant move by applying for a license to operate as a Virtual Asset Service Provider (VASP). This decision has been confirmed by the Financial Supervisory Commission, listing Taiwan Mobile as the 26th VASP in the country. With Lin Zhichen named as the person in charge, the company’s General Manager, and the company serving as the legal representative, Taiwan Mobile has officially become a member of the VASP Association. The primary goal of this association is to improve regulatory oversight in the crypto sector, with all members required to be registered with the Financial Supervisory Commission for anti-money laundering compliance.
The entry of Taiwan Mobile into the VASP sector is expected to bring about a wave of new crypto applications that integrate digital assets with mainstream services. This move signifies a significant step in the company’s journey to establish a presence in the crypto market. Industry experts and crypto enthusiasts alike have acknowledged the potential for Taiwan Mobile to launch its own cryptocurrency exchange, a move that would further solidify the integration of digital assets into mainstream services.
The trend of major Asian firms expanding their presence in the crypto sector is on the rise. Sony Group’s acquisition of Amber Japan and Metaplanet’s adoption of a pro-Bitcoin strategy are examples of this growing interest. In Taiwan, the formation of a crypto industry association, with key figures such as BitoPro’s Titan Cheng and XREX’s Winston Hsiao taking leadership roles, highlights the country’s commitment to regulating crypto trading platforms. The association’s mandate to develop self-supervisory rules is seen as a crucial step towards enhancing oversight and fostering the adoption of the emerging crypto industry in Taiwan.
Taiwan Mobile’s foray into the VASP sector represents a significant milestone for the company and the wider crypto market in Taiwan. With the potential to introduce innovative crypto applications and possibly launch its own cryptocurrency exchange, Taiwan Mobile is poised to play a key role in the integration of digital assets into mainstream services. As the interest in crypto continues to grow among major Asian firms, the regulatory developments in Taiwan reflect a proactive approach towards ensuring the responsible growth and adoption of crypto technologies in the country.
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