By 
Taiwan Mobile, the second-largest telecommunications provider in Taiwan, has obtained a virtual asset service provider (VASP) license from the Financial Supervisory Commission (FSC), according to local reports. This license paves the way for the company to launch a cryptocurrency exchange.
Known as Taiwan Big Brother in Chinese, Taiwan Mobile becomes the 26th company to be licensed as a VASP. The company has been eyeing the crypto market for over a year and was considering acquiring an existing exchange. The license was issued under the name Fusheng Digital, a subsidiary owned by Taiwan Mobile, with both entities led by Lin Zhichen.
VASPs: A Diverse and Regulated Domestic Industry
To secure the VASP license, Taiwan Mobile had to meet several Anti-Money Laundering (AML) requirements. Upon fulfilling these criteria, the company is eligible for membership in the self-regulatory Taiwan Virtual Asset Service Provider Association, established in June.
Most members of the VASP association are startups, so the entry of a major corporation like Taiwan Mobile is expected to significantly boost the industry, according to the United Daily News. The inclusion of companies from various sectors brings new experience and resources to the association, as noted by chairman Zheng Guangtai.
Evolving and Stricter Crypto Regulation in Taiwan
The FSC took over responsibility for crypto regulation in mid-2023. In September, it developed management guidelines for crypto businesses and prohibited foreign operators. A bill supporting these guidelines with fines was introduced into the Taiwanese parliament the following month.
In March, the FSC announced plans to introduce a bill in parliament aimed at tightening regulation and enhancing consumer protections. The Justice Ministry proposed amendments to AML laws in May, which would make violations by VASPs punishable by prison terms for responsible parties.
In the same month, Binance collaborated with the Justice Ministry to resolve a money laundering case worth $6.2 million, resulting in nine people being charged with money laundering, fraud, and organized crime.
Comments