Local sources claim that Taiwan Mobile, the second-largest telecoms company in the nation, has a virtual asset service provider (VASP) license from the Financial Supervisory Commission (FSC). This license prepares the business to launch a bitcoin exchange.

Joining the Crypto Market

26th firm licensed as a VASP is Taiwan Mobile, sometimes called as Taiwan Big Brother in Chinese. Over a year of examining the crypto sector, Bloomberg speculates that Taiwan Mobile was looking to purchase an already-existing exchange. Taiwan Mobile owned Fusheng Digital was the name under which the VASP license was issued. Lin Zhichen heads both organizations.

Taiwan Mobile has to satisfy various Anti-Money Laundering (AML) criteria before getting the VASP license. These obstacles have been removed, hence the business qualifies for participation in the June-founded self-regulating Taiwan Virtual Asset Service Provider Association.

Improving the Sector

Since most VASP members are startups, the arrival of a big company like Taiwan Mobile would help the sector greatly, says United Daily News. Chairman Zheng Guangtai pointed out that the inclusion of businesses from different industries gives the organization fresh knowledge and tools.

Mid-2023 the FSC assumed control of crypto regulation. It barred overseas operations in September and developed management rules for crypto companies. October saw a measure proposed in the Taiwanese parliament supporting these rules with penalties.

In March, the FSC said it will draft legislation tightening control and strengthening consumer rights. In May, the Justice Ministry suggested changes to AML rules wherein breaches by VASPs would result in jail sentences for accountable individuals.

In a similar event, Binance solved a $6.2 million money laundering case in May working with the Justice Ministry; nine people were charged with organized crime, fraud, and money laundering.

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