Taiwan Mobile Receives VASP License: Entering the Crypto Market

Taiwan Mobile Receives VASP License for Crypto Services

According to local media, Taiwan Mobile, the nation’s second-largest telecommunications carrier, has been granted a VASP license by the Financial Supervisory Commission (FSC) of the country. Taiwan Big Brother, also known as Taiwan Mobile, is the 26th corporation to receive a VASP license. According to Bloomberg, Taiwan Mobile has been considering a position in the cryptocurrency industry for over a year, with rumors that it was looking to acquire an exchange already in operation.

• Taiwan Mobile was required to comply with certain Anti-Money Laundering (AML) regulations in order to obtain the VASP license.
• The company can join the self-regulatory Taiwan Virtual Asset Service Provider Association, established in June when those obstacles were removed.

Taiwan Mobile’s Participation Could Change the Game

The FSC took over regulation of cryptocurrencies in the middle of 2023. It created management standards for cryptocurrency companies in September and prohibited overseas operators. A measure endorsing FSC recommendations with sanctions was presented to the Taiwanese parliament the following month.

Trending

BUSD Stablecoin does not Take Place Top 10 Cryptocurrencies by Market Cap

The United Daily News stated that, as the majority of the VASP association’s members are start-ups, the industry will benefit from the arrival of a large firm. Chairman Zheng Guangtai was cited as noting that the association gains new experience and resources with the addition of enterprises from a variety of sectors.

FAQ

For more up-to-date crypto news, you can follow Crypto Data Space.