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Major Telecom Company Taiwan Mobile Gets Cryptocurrency Trading License
Taiwan Mobile, the second-largest telecom operator in Taiwan, has become the country’s 26th largest virtual asset service provider (VASP). The move positions Taiwan Mobile to potentially launch its cryptocurrency exchangea huge step forward towards the integration of digital resources into traditional services.
Taiwan Mobile Enters Cryptocurrency Exchange Space
Telecom company Taiwan Mobile, valued at TWD 431.90 billion, has become the 26th VASP operator in Taiwan, according to the latest details on the Financial Supervisory Commission
website on July 5th.
According to local media, Taiwan Mobile has submitted an application to the agency with Zhichen Lin, general manager of Taiwan Mobile, as the responsible person. The move has positioned the company to become a member of the VASP Association. It also signals a huge step forward in integrating digital assets into traditional services.
“We also look to the future, where the combination of Taiwan Mobile and exchanges will give rise to different cryptocurrency application scenarios.”
There have been reports of Taiwan Mobile exploring opportunities to collaborate with local crypto platforms, including investing in a crypto business. With the latest move, the company may open a crypto exchange in the country, as demand is increasing.
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The Rebirth of Cryptocurrencies in the Country
In June, Taiwan founded the Taiwan Virtual Asset Service Provider Association to regulate the cryptocurrency industry, aiming to improve supervision, combat fraud and ensure AML compliance. It will develop guidelines for the classification and management of virtual asset service providers.
Meanwhile, Taiwan’s Financial Supervisory Commission (FSC) plans to release a revised draft of digital asset rules in September. The regulator has been monitoring Bitcoin ETFs throughout to gauge public demand and readiness. The FSC may give Taiwanese investors the green light to resume purchasing Bitcoin ETFs overseas, reflecting an openness to crypto innovation within appropriate regulatory boundaries.
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