Taiwan Mobile receives VASP license, makes crypto market debut
Taiwan Mobile, the country’s second-largest telecommunications provider, has obtained a virtual asset service provider (VASP) license from the Financial Supervisory Commission (FSC), according to local reports.
This license paves the way for the company to launch a cryptocurrency exchange. Taiwan Mobile is the 26th company to receive a VASP license. According to Bloomberg, the company has been aiming to enter the crypto market for over a year and was speculated to be looking to acquire an existing exchange. The VASP license was issued under the name of Fusheng Digital, a subsidiary of Taiwan Mobile.
To qualify for the VASP license, Taiwan Mobile had to meet several Anti-Money Laundering (AML) requirements. With these conditions met, the company is eligible to join the self-regulatory Taiwan Virtual Asset Service Provider Association, established in June.
Most association members are startups, so the inclusion of a major corporation like Taiwan Mobile is expected to bolster the industry. The United Daily News reported that the entry of established companies from various sectors would bring new experience and resources to the association, as noted by chairman Zheng Guangtai.
The FSC took over crypto regulation responsibilities in mid-2023. By September, it had developed management guidelines for crypto businesses and banned foreign operators. In October, a bill supporting these guidelines with fines was introduced into Taiwanese parliament.
In March, the FSC announced plans to introduce a bill to tighten regulation and enhance consumer protections. In May, the Justice Ministry proposed AML law amendments that would impose prison terms on VASP executives for violations.
In a related development, Binance worked with the Justice Ministry to resolve a $6.2 million money laundering case in May, resulting in nine individuals being charged with money laundering, fraud, and organized crime.
What's Your Reaction?
