CDS Crypto News Taiwan Mobile Receives VASP License: Entering the Crypto Market
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Taiwan Mobile Receives VASP License: Entering the Crypto Market

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Taiwan Mobile Receives VASP License Entering the Crypto Market

Taiwan Mobile Receives VASP License for Crypto Services

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.

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

What is a VASP License?

A VASP (Virtual Asset Service Provider) license is a license that authorizes virtual asset service providers to operate in accordance with certain regulatory requirements.

Why did Taiwan Mobile Get a VASP License?

Taiwan Mobile obtained a VASP license to create new business opportunities and expand its digital finance services by entering the cryptocurrency market.

What Kind of Services Will Taiwan Mobile Offer in the Crypto Market?

Taiwan Mobile plans to offer cryptocurrency trading, custody services, cryptocurrency wallets, and other digital financial services.

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

Taiwan Mobile Receives VASP License: Entering the Crypto Market
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lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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