Taiwan Mobile, the nation’s second-largest telecom provider, has obtained a VASP licence from the FSC body, paving the way to launch a cryptocurrency exchange.
Taiwan, an island governed independently from mainland China since 1949, is officially known as the Republic of China (ROC). While Taiwan views itself as a distinct country with its own constitution and democratically-elected leaders, China considers Taiwan a breakaway province destined to come under Beijing’s control.
Taiwan Mobile, also known as Taiwan Big Brother in Chinese, has become the 26th company to receive a Virtual Asset Service Provider (VASP) licence.
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Taiwan Mobile Co., Ltd., Taiwan's second-largest telecom operator with 9.86 million users, has applied to become the country's 26th Virtual Asset Service Provider (VASP).
This move positions them to potentially launch…
— Kyle Chassé (@kyle_chasse) July 5, 2024
According to a report by Bloomberg, Taiwan Mobile has been looking to enter the crypto business for over a year and was rumoured to be considering buying an existing exchange. The licence was granted to Fusheng Digital, a company owned by Taiwan Mobile. Both Taiwan Mobile and Fusheng Digital are led by Lin Zhichen.
To get the VASP licence, Taiwan Mobile had to meet several Anti-Money Laundering (AML) rules. After meeting these requirements, the company can join the Taiwan Virtual Asset Service Provider Association, a self-regulatory group started in June.
Taiwan & crypto regulation
Taiwan is strengthening its crypto regulation with new digital asset rules expected in September. The Financial Supervisory Commission aims to better protect investors and regulate crypto activities, while also warning against fraud and promising strict enforcement.
On March 4, 2024, UDN reported that the Financial Supervisory Commission (FSC) will propose new digital asset regulations in September of this year.
The FSC Chairman Huang Tien-mu stated that the upcoming bill will better protect crypto investors and regulate crypto activities across Taiwan. He also warned against crypto-related frauds, emphasising that enforcement agencies will take strict action against offenders.
So Taiwan is moving towards more precise rules and laws to regulate the crypto sector.
Read also: Michael Saylor of MicroStrategy Speaks Out on Bitcoin’s Recent Price Drop
Taiwan Mobile Ventures into Crypto: Secures VASP License to Launch Cryptocurrency Exchange
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