Taiwan Mobile, one of the major telecom operators in Taiwan, has taken a significant step in the crypto regulatory landscape by applying for a license to operate as a Virtual Asset Service Provider (VASP). This move is part of Taiwan’s broader efforts to integrate digital assets with mainstream services and enhance the adoption of cryptocurrencies.
The Financial Supervisory Commission’s recent report includes Taiwan Mobile as the 26th VASP, along with a list of Virtual Currency Platform Operators compliant with Money Laundering Prevention Laws. Lin Zhichen, the General Manager of Taiwan Mobile, has been named as the person in charge of this initiative, positioning the company as a key player in the country’s VASP sector. Taiwan Mobile is now a member of the VASP Association, which focuses on improving regulatory oversight in the crypto industry.
By joining the VASP sector, Taiwan Mobile is expected to bring forth new crypto applications that will bridge the gap between digital assets and mainstream services. Industry experts believe that this move could potentially lead to the launch of a cryptocurrency exchange by Taiwan Mobile, signaling a significant advancement in the integration of digital assets into everyday services.
This development comes amid a growing interest in cryptocurrencies among major Asian corporations. Sony Group recently acquired Amber Japan to strengthen its position in the crypto sector, while Metaplanet, a Japanese firm, adopted a pro-Bitcoin strategy by adding 161 BTC to its reserves.
In the broader context of Taiwan’s crypto regulation, the formation of an industry association last month marked a crucial milestone in the country’s efforts to regulate the sector effectively. BitoPro founder and CEO Titan Cheng will lead the association as chair, with XREX co-founder and chief revenue officer Winston Hsiao serving as vice chair. This association is tasked with developing self-supervisory rules to enhance oversight of crypto trading platforms and promote the adoption of cryptocurrencies in Taiwan.
Overall, Taiwan Mobile’s VASP license bid represents a significant move towards integrating digital assets with mainstream services, reflecting the broader trend of crypto adoption among major Asian firms and the country’s commitment to effective crypto regulation and oversight. By embracing cryptocurrencies and blockchain technology, Taiwan is positioning itself as a key player in the global crypto economy and paving the way for further innovation and growth in the industry.