- Telecom operator Taiwan Mobile to establish its cryptocurrency exchange.
- The firm to become the nation’s 26th VSAP operator.
Taiwan’s second-largest telecom operator, Taiwan Mobile, has stepped into the cryptocurrency space. The company has applied to become the nation’s 26th Virtual Asset Service Provider (VASP) operator. Acquiring the license, it aims to establish its cryptocurrency exchange.
According to the local media report, Taiwan Mobile gained approval after submitting its application long ago. The firm is expected to merge with exchanges to bring different applications for cryptocurrencies and other digital assets.
Zhichen Lin, General Manager of Taiwan Mobile, is initiating and positioning it in the VASP Association, as reported by the local media. Notably, the Financial Supervisory Commission (FSC) confirmed Taiwan Mobile’s entry into the list of virtual currency platform operators who completed compliance with money laundering prevention laws.
A Brief Context of Taiwan’s Bond with Crypto
Taiwan established an official crypto industry association to regulate the crypto sector in June. This new Taiwan Virtual Asset Service Provider Association with 24 registered crypto firms such as BitoPro and XREX aims to develop and manage VASPs.
In May, Taiwan’s Ministry of Justice proposed an amendment to the country’s Anti-Money Laundering Law (AML), focusing on crypto firms. The law by Taiwan’s Executive Yuan is designed to reduce fraudulent activities and regulate money laundering among crypto organizations.
On the other hand, Taiwan has witnessed various crimes in the crypto sector. The Taipei District Prosecutors’ Office of Taiwan’s cryptocurrency sector has alleged 32 people on fraud and money laundering charges.
Taiwan’s FSC had a double opinion on cryptocurrencies, stricter regulations, and potential approval for spot Bitcoin exchange-traded funds (ETFs). Moreover, due to regulatory uncertainties, the regulator is skeptical about investing in foreign crypto-based products.
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