Taiwan Mobile, the second-largest telecom operator in Taiwan, has recently made a significant move by applying for a license to operate as a Virtual Asset Service Provider (VASP). This decision has placed them as the 26th VASP in Taiwan, highlighting their compliance with Money Laundering Prevention Laws.
With Lin Zhichen, the company’s General Manager, named as the person in charge, Taiwan Mobile has solidified its position in the VASP sector. By becoming a member of the country’s VASP Association, Taiwan Mobile is committed to enhancing crypto regulatory oversight and anti-money laundering compliance.
This strategic move by Taiwan Mobile is expected to bring forth new crypto applications that integrate digital assets with mainstream services. Industry experts believe that Taiwan Mobile may even launch their own cryptocurrency exchange in the future, marking a significant progression in the integration of digital assets into mainstream services.
Taiwan Mobile’s foray into the VASP sector is part of a larger trend of major Asian firms showing interest in cryptocurrencies. For example, 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 BTC to its reserves. This showcases the growing interest and investment in the crypto market.
In response to the increasing interest in crypto, Taiwan’s crypto sector recently formed an industry association to help push the sector closer to regulation. BitoPro founder and CEO Titan Cheng will lead the association, with XREX co-founder and chief revenue officer Winston Hsiao as vice chair. The association’s focus is on developing self-supervisory rules to bolster the adoption of the emerging industry.
Overall, Taiwan Mobile’s entry into the VASP sector signifies a major step forward for the company in the crypto market. By aligning with regulatory guidelines and focusing on anti-money laundering compliance, Taiwan Mobile is positioning itself as a key player in the integration of digital assets into mainstream services. As the industry continues to evolve and major Asian firms show increased interest in cryptocurrencies, Taiwan Mobile’s move sets a strong precedent for further advancements in the sector.