Taiwan Mobile’s VASP license bid aims to fuse digital assets with mainstream services Taiwan Mobile’s VASP license bid aims to fuse digital assets with mainstream services
Taiwan is pushing ahead with its crypto regulatory efforts to bolster the sector's adoption.
2 min read
Updated: Jul. 5, 2024 at 5:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Taiwan Mobile, the second-largest telecom operator in Taiwan, has applied for a license to operate as a Virtual Asset Service Provider (VASP).
The Financial Supervisory Commission’s latest report lists Taiwan Mobile as the 26th VASP and includes a list of Virtual Currency Platform Operators compliant with Money Laundering Prevention Laws.
Lin Zhichen, the company’s General Manager, is named the person in charge, with the company as the legal representative. Consequently, Taiwan Mobile is now a member of the country’s VASP Association.
The VASP Association aims to enhance crypto regulatory oversight. All members, including Taiwan Mobile, are registered with the Financial Supervisory Commission for anti-money laundering compliance.
Taiwan Mobile’s entry into the VASP sector is expected to introduce new crypto applications that integrate digital assets with mainstream services. This move marks a significant step in the company’s efforts to break into the crypto market.
Crypto enthusiast Kyle Chasse said:
“This move positions them to potentially launch their own cryptocurrency exchange, signaling a massive step forward in the integration of digital assets within mainstream services.”
This development reflects the growing interest in crypto among major Asian firms. Recently, Sony Group acquired Amber Japan to strengthen its presence in the crypto sector. Similarly, Metaplanet, another Japanese firm, adopted a pro-Bitcoin strategy, adding 161 BTC to its reserves.
Taiwan crypto regulation
Last month, Taiwan’s crypto sector formed an industry association to push the sector closer to regulation.
According to reports, BitoPro founder and CEO Titan Cheng will serve as chair of the association, while XREX co-founder and chief revenue officer Winston Hsiao will serve as vice chair.
Market experts pointed out that the association marks a crucial step for Taiwan in enhancing oversight of crypto trading platforms. The government has mandated the association to develop self-supervisory rules that would further bolster the adoption of the emerging industry.
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
