Taiwan Mobile’s VASP license bid aims to fuse digital assets with mainstream services

Share This Post

Taiwan Mobile, the second-largest telecom operator in Taiwan, has applied for a license to operate as a Virtual Asset Service Provider (VASP).

The Financial Supervisory Commission’s latest report lists Taiwan Mobile as the 26th VASP and includes a list of Virtual Currency Platform Operators compliant with Money Laundering Prevention Laws.

Lin Zhichen, the company’s General Manager, is named the person in charge, with the company as the legal representative. Consequently, Taiwan Mobile is now a member of the country’s VASP Association.

The VASP Association aims to enhance crypto regulatory oversight. All members, including Taiwan Mobile, are registered with the Financial Supervisory Commission for anti-money laundering compliance.

Taiwan Mobile’s entry into the VASP sector is expected to introduce new crypto applications that integrate digital assets with mainstream services. This move marks a significant step in the company’s efforts to break into the crypto market.

Crypto enthusiast Kyle Chasse said:

“This move positions them to potentially launch their own cryptocurrency exchange, signaling a massive step forward in the integration of digital assets within mainstream services.”

This development reflects the growing interest in crypto among major Asian firms. Recently, Sony Group acquired Amber Japan to strengthen its presence in the crypto sector. Similarly, Metaplanet, another Japanese firm, adopted a pro-Bitcoin strategy, adding 161 BTC to its reserves.

Taiwan crypto regulation

Last month, Taiwan’s crypto sector formed an industry association to push the sector closer to regulation.

According to reports, BitoPro founder and CEO Titan Cheng will serve as chair of the association, while XREX co-founder and chief revenue officer Winston Hsiao will serve as vice chair.

Market experts pointed out that the association marks a crucial step for Taiwan in enhancing oversight of crypto trading platforms. The government has mandated the association to develop self-supervisory rules that would further bolster the adoption of the emerging industry.

The post Taiwan Mobile’s VASP license bid aims to fuse digital assets with mainstream services appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Is Bitcoin Peak In? This Data Suggests Otherwise, Analytics Firm Says

An analytics firm has explained how the data related to the stablecoins could hint at whether the Bitcoin market top is in or not Stablecoins Have Seen Their Market Cap Touch New Highs Recently In a

TRX Short Sellers Face $2M Liquidation, Will Bulls Step In?

The post TRX Short Sellers Face $2M Liquidation, Will Bulls Step In appeared first on Coinpedia Fintech News As the overall cryptocurrency market begins to recover, Tron (TRX) appears bullish, with

Bitcoin Reserve War: Congressman Fights Trump’s Crypto Plans

A Democrat lawmaker has opposed US President Donald Trump’s plan to increase the government’s Bitcoin holdings by creating a strategic reserve House Rep Gerald E Connolly of Virginia urged

Restaked Bitcoin Protocols Skyrocket 4,459% in Just 9 Months

Since the advent of restaking bitcoin and Babylon’s leading role in the space, restaked bitcoin protocols have exploded onto the scene with phenomenal momentum Over the past nine months, these

Bitcoin Rebounds Above $85,000 Amid Weak Market Demand

Bitcoin (BTC) is experiencing a notable price recovery, reclaiming the $85,000 level after a 43% increase in the past 24 hours This rebound has sparked renewed optimism among investors, who are now

Bitcoin Panic Sellers Lost $100M – Why Smart Investors Are Betting on BTC Bull Token Instead

The crypto market is full of surprises, but one thing remains consistent: panic selling always costs new investors a fortune  In the last six weeks alone, speculators dumped their Bitcoin holdings,