Taiwan’s second-largest telecom has found a way into the crypto market, bring resources and experience with it.
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 licensed as a VASP. It has been eyeing a place in the crypto market for over a year, according 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.
To receive the VASP license, Taiwan Mobile had to conform 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 was founded in June.
