Taiwan’s 2nd Largest Telecom Operator Applies to Become Nation’s 26th VASP

UTC by Anisha Pandey · 2 min read
Taiwan’s 2nd Largest Telecom Operator Applies to Become Nation’s 26th VASP
Photo: Shutterstock

The firm is looking forward to a future where the combination of Taiwan Mobile and exchanges will bring about different applications for blockchain technology and digital assets.

Taiwan Mobile Co Ltd, the second largest telecom operator in Taiwan, officially the Republic of China (ROC), has announced that it has applied to become the 26th registered virtual asset service provider (VASP) in the country and offer its services to the crypto enthusiasts in the country. This marks a significant development in the company’s business model.

As per a report, Taiwan Mobile joined the “List of Virtual Currency Platform Operators that Have Completed a Statement of Compliance with Money Laundering Prevention Laws”. Taiwan Mobile’s General Manager Jamie Lin was mentioned as the person in charge of this initiative, and there are plans to open a crypto exchange in the near future as well.

Taiwan Mobile has been submitting its application for a long time and finally gained approval. The firm is looking forward to a future where the combination of Taiwan Mobile and exchanges will bring about different applications for blockchain technology and digital assets. The firm is also working with local crypto platforms.

LINE Corporation, another Taiwan-based firm, debuted a cryptocurrency exchange and platform for coins, as well as applications related to non-fungible tokens (NFTs). However, restrictions and regulations led to a reduction in market acceptance, and the initiative failed to achieve significant success.

It is important to note that Taiwan Mobile has 9.86 million users, and the firm’s journey into cryptocurrencies might result in increased adoption. Prominent crypto entrepreneur Kyle Chasse, stated in a post on social media platform X (previously known as Twitter), commented on the announcement, adding:

“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.”

Taiwan and Cryptocurrencies

Taiwan has been one of the countries to create a body for the regulation of cryptocurrencies and blockchain service providers. The Financial Supervisory Commission was announced in March and is responsible for regulating virtual-asset service providers. Notably, the regulator will introduce additional guidelines for VASPs by the end of September.

As reported earlier by Coinspeaker, the country officially formed an industry association named the Taiwan Virtual Asset Service Provider Association (TVASP) to shape the future of the industry through self-governance. This followed Ethereum co-founder Vitalik Buterin’s keynote speech focused on ZK, decentralized finance (DeFi), and other sectors, in Taiwan earlier this year.

Cryptocurrency News, FinTech News, News
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