Taiwan Mobile has obtained a cryptocurrency license from Taiwan’s Financial Supervisory Commission (FSC), marking a significant entry into the digital asset market for the country’s second-largest telecommunications operator. The approval, announced by the FSC on July 5, designates Taiwan Mobile as a registered virtual asset service provider (VASP).
This development positions Taiwan Mobile as the 26th licensed VASP in Taiwan, joining established entities such as MaiCoin, BitoPro, and XREX. Speculation swirls regarding Taiwan Mobile’s future moves in the cryptocurrency sector, with Bloomberg reporting potential collaborations and investments aimed at establishing its own cryptocurrency exchange.
With a customer base exceeding 10 million, Taiwan Mobile’s venture into crypto could democratize retail investor access to digital assets. Taiwan’s regulatory landscape for cryptocurrencies has rapidly evolved, starting with stringent anti-money laundering (AML) measures in 2021 and strengthened guidelines in September 2023, including a ban on unregistered Bitcoin exchanges.
The regulatory progress culminated in the formation of the Taiwan Virtual Asset Service Provider Association, chaired by Titan Cheng, founder and CEO of BitoPro. This association aims to collaborate with government and law enforcement to combat fraud in the industry, aligning with proposed amendments to Taiwan’s AML laws that could impose hefty fines or prison terms on non-compliant crypto firms.
Taiwan Mobile’s strategic move coincides with national efforts to establish a transparent and equitable crypto framework, bolstered by its collaboration potential with local platforms and investments in the sector. The company’s VASP status promises to shape Taiwan’s digital asset landscape in line with global consumer protection standards.
