Taiwan Mobile, the second-largest telecom operator in Taiwan, has taken a significant step by applying for a license to operate as a Virtual Asset Service Provider (VASP). This move reflects the company’s efforts to break into the crypto market and integrate digital assets with mainstream services.
The Financial Supervisory Commission’s latest report now lists Taiwan Mobile as the 26th VASP, with Lin Zhichen named as the person in charge. By becoming a member of the VASP Association, Taiwan Mobile has committed to enhancing crypto regulatory oversight and complying with anti-money laundering laws.
Taiwan Mobile’s entry into the VASP sector is expected to bring about new crypto applications that bridge the gap between digital assets and traditional services. This development has sparked interest among crypto enthusiasts like Kyle Chasse, who believe that Taiwan Mobile may even launch its own cryptocurrency exchange in the future.
Taiwan Mobile is not the only company in Asia making moves in the crypto sector. Sony Group recently acquired Amber Japan to strengthen its presence in the industry, while Metaplanet, a Japanese firm, adopted a pro-Bitcoin strategy by adding BTC to its reserves. The formation of an industry association in Taiwan last month, with key figures like BitoPro’s Titan Cheng and XREX’s Winston Hsiao at the helm, further underscores the region’s growing interest in crypto.
Market experts have emphasized the significance of regulatory oversight in the crypto sector. The government of Taiwan has tasked the newly formed industry association with developing self-supervisory rules that will enhance the regulation of crypto trading platforms and promote the adoption of this emerging industry.
Taiwan Mobile’s entry into the VASP sector represents a significant milestone for the company and the crypto sector in Taiwan. By complying with regulatory requirements and aligning with industry standards, Taiwan Mobile is poised to play a key role in bridging the gap between traditional services and digital assets. The company’s move also signals a broader trend of increasing interest in crypto among major Asian firms, highlighting the region’s potential for growth and innovation in the crypto space.