Taiwan Mobile, one of Taiwan’s major telecommunications operators, has secured approval from the Financial Supervisory Commission (FSC) to offer cryptocurrency services as of July 5, marking a significant step into the digital asset arena.
The FSC confirmed the approval, disclosing that Taiwan Mobile has successfully registered as a virtual asset service provider (VASP), becoming the 26th entity to do so in the country. This places Taiwan Mobile alongside established providers such as MaiCoin, BitoPro, and XREX.
Speculation surrounding Taiwan Mobile’s future moves in the cryptocurrency market has intensified following its VASP registration. Reports from Bloomberg suggest the telecom giant is exploring potential collaborations and investments within Taiwan’s burgeoning digital asset sector, hinting at possible ventures into cryptocurrency exchange operations.
With a customer base exceeding 10 million, Taiwan Mobile’s foray into crypto markets holds promise for enhancing retail investor access to digital assets.
Taiwan has been proactive in tightening its regulatory framework for cryptocurrencies. Starting with stringent anti-money laundering (AML) regulations in 2021 targeting crypto service providers, further guidelines were introduced in September 2023, including a ban on unregistered Bitcoin exchanges operating within the country.
In response to these developments, the Taiwan Virtual Asset Service Provider (VASP) Association was formed, chaired by Titan Cheng, founder and CEO of BitoPro. The association aims to collaborate closely with government and law enforcement bodies to combat fraud and criminal activities in the crypto space.
Taiwan’s Ministry of Justice has proposed amendments to expand anti-money laundering laws to cover digital asset providers, potentially imposing fines up to $1.5 million or prison terms for non-compliance.
Taiwan Mobile’s entry into cryptocurrency markets aligns with the nation’s efforts to establish a transparent and secure environment for digital currencies. This move, coupled with the establishment of the industry association, underscores Taiwan’s commitment to fostering a crypto-friendly ecosystem that adheres to global standards in consumer protection.
As Taiwan Mobile explores collaborations with local crypto platforms and evaluates investments in the industry, its role in shaping Taiwan’s digital asset landscape is eagerly anticipated.
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