Taiwan Mobile Co. Ltd., a major telecom operator in Taiwan, has officially entered the cryptocurrency market by registering itself as a Virtual Asset Service Provider (VASP).
The company, Taiwan Mobile, operating under Fu Sheng Digital Co Ltd, is the 26th company to be granted a certificate of VASP member by Taiwan’s Financial Supervisory Commission (FSC) on July 5. The granting of license to Taiwan Mobile also confirms the company’s adherence to anti-money laundering laws, which is a requirement to attain VASP certificate, as per FSC regulations.
The entry of Taiwan Mobile, a major corporation, into the VASP Association, is expected to boost the industry. According to this report, all 26 members with VASP certification are expected to coordinate and work closely with Taiwan authorities in order to bring up a self-regulatory framework to promote FinTech in Taiwan. The VASP association consists of startups and the addition of new members with extensive resources and expertise will add great value. According to the Chairman of the VASP Association Zheng Guangtai, many in the industry are positive about the changes.
The Taiwanese government’s support for compliant operators like Taiwan Mobile signals a growing interest in digital currencies. It receives backing from the regulation which calls for similar ventures by more companies exploring the sector.
Also Read: Crypto.com Approved as VASP by Central Bank of Ireland
