Taiwan’s 2nd Largest Telecom Operator Applies to Become Nation’s 26th VASP

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As a seasoned crypto investor with a strong interest in the Asian market, I’m thrilled to see Taiwan Mobile, one of the largest telecom operators in Taiwan, officially applying to become a registered virtual asset service provider (VASP) and offering crypto services to its users. This development is significant not only for Taiwan Mobile but also for the broader crypto industry in the region.

In a major shift for Taiwan Mobile Company Limited, the second largest telecom provider in Taiwan, formally known as the Republic of China (ROC), has declared its application to join the ranks of the 26th Virtual Asset Service Providers (VASPs) in the country. Once approved, this new status will enable the company to cater to the crypto community within Taiwan, representing a significant expansion in their business operations.

According to a recent report, Taiwan Mobile has been added to the list of virtual currency platform operators who have declared compliance with anti-money laundering regulations. The company’s General Manager, Jamie Lin, is leading this initiative. It’s also been announced that they intend to launch a crypto exchange in the coming days.

After a prolonged period of applying, Taiwan Mobile’s application has been granted approval at last. Excited about the prospects of collaboration between Taiwan Mobile and exchanges, the company envisions a future where these partnerships will lead to innovative blockchain technology and digital asset applications. Additionally, Taiwan Mobile is currently teaming up with local crypto platforms.

As an analyst, I would rephrase it this way: I’ve analyzed the case of LINE Corporation, a Taiwanese company, which launched a cryptocurrency exchange and platform for coins along with applications related to non-fungible tokens (NFTs). However, due to regulatory restrictions and limitations, market acceptance was hindered, resulting in the initiative failing to generate substantial success.

As a crypto investor, I can’t help but take notice of Taiwan Mobile’s recent announcement that they have over 9.86 million users. This news has piqued my interest since the telecom giant is now venturing into the world of cryptocurrencies. Kyle Chasse, a well-known figure in the crypto industry, shared his thoughts on this development through a post on social media platform X, commenting that this move could potentially lead to a significant increase in cryptocurrency adoption among Taiwan Mobile’s user base.

As a researcher studying the latest developments in the financial technology sector, I’ve come across an intriguing piece of news. This company’s decision to make such a move places them in a strategic position to possibly establish their own cryptocurrency exchange. This represents a significant leap forward in the incorporation of digital assets into mainstream services, marking a notable milestone in the evolution of finance and technology.

Taiwan and Cryptocurrencies

As an analyst, I’d rephrase it this way: I’m an observer of global financial trends, and one country that has taken a proactive stance in cryptocurrency regulation is Taiwan. Specifically, they established the Financial Supervisory Commission back in March, which serves to oversee virtual-asset service providers (VASPs). It’s worth mentioning that this regulatory body plans to release further guidelines for VASPs by September’s end.

According to previous reports from Coinspeaker, Taiwan has established the Taiwan Virtual Asset Service Provider Association (TVASP) to guide the industry’s development through self-regulation. This move came after Ethereum co-founder Vitalik Buterin delivered a keynote speech on ZK technology, decentralized finance (DeFi), and related fields in Taiwan this year.

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2024-07-05 14:01