Taiwan Mobile Enters Crypto Market as VASP Member

As a researcher with a background in finance and technology, I am excited about the recent development of Taiwan Mobile’s entry into the cryptocurrency market as a Virtual Asset Service Provider (VASP). Taiwan Mobile, with its vast user base of 9.86 million, brings significant resources and expertise to the industry. This move is expected to boost the sector and contribute to the promotion of FinTech in Taiwan.

Taiwan Mobile Company Limited, a significant player in Taiwan’s telecommunications industry, has formally joined the cryptocurrency sector by registering as a Virtual Asset Service Provider (VASP).

On July 5, Taiwan Mobile, which functions under Fu Sheng Digital Co Ltd, became the 26th business to receive a VASP membership certificate from Taiwan’s Financial Supervisory Commission (FSC). This certification verifies that Taiwan Mobile complies with anti-money laundering laws, a necessary condition for obtaining VASP membership, in accordance with FSC regulations.

Exciting Update: Taiwan Mobile Company Makes Stride into Cryptocurrency Sector! 😮🔥

Taiwan Mobile Co., Ltd., the second-largest telecom company in Taiwan with a user base of 9.86 million, has submitted an application to join the list of Virtual Asset Service Providers (VASPs) in the country.

With this step, they are poised to introduce cryptocurrency services, potentially expanding their offerings and reaching new markets.

— Kyle Chassé (@kyle_chasse) July 5, 2024

The entry of Taiwan Mobile, a major corporation, into the VASP Association, is expected to boost the industry. According to this report, all 26 members with VASP certification are expected to coordinate and work closely with Taiwan authorities in order to bring up a self-regulatory framework to promote FinTech in Taiwan. The VASP association consists of startups and the addition of new members with extensive resources and expertise will add great value. According to the Chairman of the VASP Association Zheng Guangtai, many in the industry are positive about the changes.

The Taiwanese administration’s approval of compliant businesses such as Taiwan Mobile indicates a burgeoning curiosity towards digital currencies. This support is reinforced by regulations that encourage more enterprises to delve into this field.

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2024-07-06 10:15