United

Daily

Taiwan Mobile, the country’s second-largest telecommunications provider, has received a virtual asset service provider (VASP) license from the country’s Financial Supervisory Commission (FSC), according to local reports. The license creates a path for it to open a cryptocurrency exchange.
Taiwan Mobile, which is called Taiwan Big Brother in Chinese, is the 26th company to be <a href="https://www.fsc.gov.tw/userfiles/file/(%E7%AC%AC4%E9%BB%9E)%E5%B7%B2%E5%AE%8C%E6%88%90%E6%B4%97%E9%8C%A2%E9%98%B2%E5%88%B6%E6%B3%95%E4%BB%A4%E9%81%B5%E5%BE%AA%E8%81%B2%E6%98%8E%E7%9A%84%E8%99%9B%E6%93%AC%E9%80%9A%E8%B2%A8%E5%B9%B3%E5%8F%B0%E6%A5%AD%E8%80%85%E5%90%8D%E5%96%AE-%E8%AD%891130704.pdf" target="_blank" rel="noopener nofollow">licensed</a> as a VASP. It has been eyeing a place in the crypto market for over a year, <a href="https://www.bloomberg.com/news/articles/2023-06-13/taiwan-mobile-in-early-talks-on-possible-investment-in-local-crypto-platform" target="_blank" rel="noopener nofollow">according</a> to Bloomberg, which speculated that Taiwan Mobile was seeking to buy an existing exchange. It was licensed under the name of Fusheng Digital, which Taiwan Mobile owns. Both companies are headed by Lin Zhichen.
<h2 id="vasps-as-a-diverse-and-regulated-domestic-industry">VASPs as a diverse and regulated domestic industry</h2>
To receive the VASP license, Taiwan Mobile had to <a href="https://www.sfb.gov.tw/ch/home.jsp?id=1053&amp;parentpath=0%2C8" target="_blank" rel="noopener nofollow">conform</a> to several Anti-Money Laundering (AML) requirements. Once those hurdles are cleared, the company is eligible for membership in the self-regulatory Taiwan Virtual Asset Service Provider Association, which <a href="https://cointelegraph.com/news/taiwan-virtual-asset-service-provider-association">was founded in</a> June.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/3b7670e2-3774-49d2-90b2-0ac01323b5c2.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/kyle_chasse/status/1809100366581039610" target="_blank" rel="noopener nofollow">Kyle Chassé</a>
 </figcaption>
</figure>
Most of the members of the VASP association are startups, so the entry of a major corporation will give the industry a boost, the United Daily News <a href="https://udn.com/news/story/7239/8076470" target="_blank" rel="noopener nofollow">said</a>. The addition of companies from a variety of sectors provides the association with new experience and resources, chairman Zheng Guangtai was <a href="https://abmedia.io/taiwan-mobile-joined-vasp" target="_blank" rel="noopener nofollow">quoted</a> as saying. 
<h3 id="crypto-regulation-evolving-becoming-stricter-in-taiwan">Crypto regulation evolving, becoming stricter in Taiwan</h3>
The FSC <a href="https://cointelegraph.com/news/taiwan-watchdog-fsc-to-assume-authority-on-crypto-regulation">assumed responsibility for</a> crypto regulation in mid-2023. In September, it formulated management guidelines for crypto businesses and <a href="https://cointelegraph.com/news/taiwan-bans-operation-unregistered-foreign-crypto-exchanges">banned foreign operators</a>. The following month, a bill was introduced into the Taiwanese parliament that <a href="https://cointelegraph.com/news/taiwan-introduces-crypto-bill-parliament">backed FSC guidelines</a> with fines.
Related: <a href="https://cointelegraph.com/news/taiwan-crypto-betting-2024-election">Polymarket gambler face charges after Taiwan election bet</a>
The FSC announced in March that it would <a href="https://cointelegraph.com/news/taiwan-digital-currency-laws-september-report">introduce a bill</a> into parliament to tighten regulation and increase consumer protections. The Justice Ministry proposed amendments to AML laws in May that would <a href="https://cointelegraph.com/news/taiwan-aml-regulations-crypto-fraud">impact VASPs by making</a>&nbsp;violations they commit punishable by prison terms for the responsible parties. 
Binance collaborated with the Justice Ministry in solving a money laundering case worth $6.2 million the same month. It resulted in nine people being charged with money laundering, fraud and organized crime.
Magazine: <a href="https://cointelegraph.com/magazine/digital-yuan-adoption-payments-regulation/">How the digital yuan could change the world… for better or worse</a>

Taiwan Mobile receives VASP license, entry to crypto market

Table of Contents

Cointelegraph

Alte articole publicate pe 5 iul. 2024

Analyst Predicts Potential Drop in Cryptocurrency Market

New Airdrop Alerts July 2024

Big Coin Is The Latest Crypto Sensation On The Binance Smart Chain - Should You Invest?

Gamma Prime Introduces Next-Generation Protocol for Tokenizing Real Yield Strategies

Top DeFi Airdrops July 2024

Dogecoin Decimated: $5 Million Liquidation Sparks 14% Price Plunge

Join our free newsletter for daily crypto updates!