Taiwan Mobile, the second-largest telecommunications provider in Taiwan, has secured a Virtual Asset Service Provider (VASP) license from the country’s Financial Supervisory Commission (FSC), as reported locally. This license enables Taiwan Mobile to establish a cryptocurrency exchange.
Known as “Taiwan Big Brother” in Chinese, Taiwan Mobile becomes the 26th company to obtain a VASP license. The company has been exploring opportunities in the crypto market for more than a year, with reports from Bloomberg suggesting its interest in acquiring an existing exchange. The license was granted under the entity Fusheng Digital, owned by Taiwan Mobile, both overseen by Lin Zhichen.
To obtain the VASP license, Taiwan Mobile had to comply with stringent Anti-Money Laundering (AML) requirements. Upon meeting these standards, the company becomes eligible for membership in the Taiwan Virtual Asset Service Provider Association, a self-regulatory body founded in June.
The United Daily News noted that while most VASP association members are startups, Taiwan Mobile’s entry as a major corporation is expected to invigorate the industry. Chairman Zheng Guangtai highlighted that diversifying the membership with companies from various sectors brings new expertise and resources to the association.
In terms of regulatory developments, the FSC assumed responsibility for cryptocurrency regulation in mid-2023. By September of that year, it had established management guidelines for crypto businesses and prohibited foreign operators. Subsequently, a parliamentary bill was introduced in October to reinforce these guidelines with penalties.
Looking ahead, the FSC announced plans in March to propose further regulatory tightening and enhanced consumer protections in parliament. In May, the Justice Ministry suggested amendments to AML laws that would impose prison sentences on individuals responsible for violations committed by VASPs.
In a related development, Binance collaborated with the Justice Ministry to resolve a $6.2 million money laundering case, resulting in charges against nine individuals for money laundering, fraud, and organized crime.
Source: Kyle Chassé