Taiwan Mobile, a prominent player in the telecom industry in Taiwan, has taken a significant step by applying for a license to operate as a Virtual Asset Service Provider (VASP). This move has positioned the company as the 26th VASP in Taiwan, according to the latest report from the Financial Supervisory Commission. The company’s General Manager, Lin Zhichen, has been named as the person in charge, further solidifying Taiwan Mobile’s presence in the crypto market. Moreover, the company’s involvement in the VASP Association indicates its commitment to enhancing regulatory oversight in the crypto sector.
The inclusion of Taiwan Mobile in the VASP sector is expected to bring about the introduction of innovative crypto applications that integrate digital assets with mainstream services. Industry experts foresee the possibility of the company launching its own cryptocurrency exchange, which would be a significant advancement in the integration of digital assets in everyday services. This development signifies Taiwan Mobile’s determination to capitalize on the growing interest in crypto among major Asian firms.
Taiwan Mobile’s foray into the crypto market mirrors the movements of other major Asian companies, such as Sony Group and Metaplanet. Sony Group’s acquisition of Amber Japan and Metaplanet’s pro-Bitcoin strategy demonstrate a shared interest in expanding their presence in the crypto sector. Additionally, Taiwan’s crypto industry has been witnessing significant developments, with the formation of an industry association to drive regulatory progress. The appointment of key figures, such as BitoPro’s founder and CEO Titan Cheng and XREX’s co-founder and chief revenue officer Winston Hsiao, in the association highlights the industry’s commitment to strengthening oversight of crypto trading platforms.
The establishment of self-supervisory rules by the industry association, mandated by the government, is a crucial step towards enhancing oversight of crypto trading platforms in Taiwan. This initiative aims to promote the responsible adoption of crypto within the emerging industry. With Taiwan Mobile’s entrance into the VASP sector and the collaborative efforts of industry stakeholders, the crypto market in Taiwan is poised for further growth and regulatory advancement.
Taiwan Mobile’s decision to venture into the crypto market signifies a strategic move to leverage the burgeoning interest in digital assets. By actively participating in the VASP sector and aligning with industry associations, the company is paving the way for innovative crypto applications and regulatory enhancements in Taiwan’s evolving crypto landscape.
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