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). The company’s General Manager, Lin Zhichen, has been named the person in charge, with Taiwan Mobile itself being listed as the legal representative. This step has allowed Taiwan Mobile to become the 26th VASP in Taiwan, according to the Financial Supervisory Commission’s latest report.
By joining the country’s VASP Association, Taiwan Mobile has shown its commitment to enhancing crypto regulatory oversight. All members of the association, including Taiwan Mobile, are required to register with the Financial Supervisory Commission for anti-money laundering compliance. This move signifies Taiwan Mobile’s dedication to complying with Money Laundering Prevention Laws and ensuring the security and legitimacy of their crypto operations.
Taiwan Mobile’s entry into the VASP sector is expected to have a significant impact on the crypto market. This move opens up opportunities for the company to introduce new crypto applications that integrate digital assets with mainstream services. Moreover, industry experts believe that Taiwan Mobile’s foray into the crypto market could potentially lead to the launch of its own cryptocurrency exchange, further solidifying its presence in the digital asset space.
Taiwan Mobile’s move reflects the growing interest in crypto among major Asian firms. Companies like Sony Group and Metaplanet in Japan have recently taken steps to strengthen their presence in the crypto sector. Sony Group’s acquisition of Amber Japan and Metaplanet’s adoption of a pro-Bitcoin strategy demonstrate the increasing integration of digital assets within mainstream services in the region. This trend highlights the evolving landscape of the crypto market in Asia.
Last month, Taiwan’s crypto sector established an industry association to promote closer regulation and oversight of crypto trading platforms. The association, led by industry veterans such as BitoPro founder and CEO Titan Cheng and XREX co-founder and chief revenue officer Winston Hsiao, aims to develop self-supervisory rules to support the adoption of emerging industry standards. This initiative represents a crucial step for Taiwan in enhancing the transparency and security of crypto transactions within the country.
Taiwan Mobile’s entry into the VASP sector signifies a major milestone in the company’s efforts to expand its presence in the crypto market. By joining the VASP Association and demonstrating a commitment to regulatory compliance, Taiwan Mobile is paving the way for the integration of digital assets into mainstream services. The company’s move is part of a larger trend of increasing interest in crypto among Asian firms, signaling a shift towards a more regulated and transparent crypto market in the region.
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