Taiwan Mobile, the second largest telecom operator in Taiwan, has become the 26th virtual asset service provider (VASP) in the country. The move positions Taiwan Mobile to potentially launch its cryptocurrency exchange, a massive step ahead for the integration of digital assets within mainstream services.

Taiwan Mobile Enters Crypto Exchange Space

431.90 billion TWD-valued telecom company Taiwan Mobile has become the 26th VASP operator in Taiwan, according to the latest details on the Financial Supervisory Commission website on July 5.

As per local media, Taiwan Mobile submitted an application with the agency with Zhichen Lin, general manager of Taiwan Mobile, as the person in charge. The move has positioned the company to become a member of the VASP Association. Also, it signals a massive step forward in the integration of digital assets within mainstream services.

“We also look forward to the future, where the combination of Taiwan Mobile and exchanges will bring about different cryptocurrency application scenarios.”

There have been reports of Taiwan Mobile exploring opportunities for collaboration with local crypto platforms, including investing in a crypto business. With the latest move, the company may open a crypto exchange in the country as demand surges.

Also Read: Over 18000 Bitcoin Options to Expire, Real Panic Selloff Isn’t Even Here Yet

Crypto Resurgence in the Country

In June, Taiwan established the Taiwan Virtual Asset Service Provider Association to regulate its cryptocurrency sector, aiming to enhance oversight, combat fraud, and ensure AML compliance. It will develop guidelines for classifying and managing virtual asset service providers.

Meanwhile, Taiwan’s Financial Supervisory Commission (FSC) intends to submit a revised draft of digital asset rules in September. The regulator has been monitoring Bitcoin ETFs throughout to assess public demand and readiness. The FSC could greenlight Taiwanese investors to resume buying overseas Bitcoin ETFs, reflecting an openness to crypto innovations within proper regulatory guardrails.

Also Read: Labour Party Wins UK Election, What It Means For Crypto?

The post Just-In: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License appeared first on CoinGape.

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Filed under: News - @ July 5, 2024 8:10 am