Key takeaways:
Local media state that the nation’s FSC has granted a VASP license to Taiwan Mobile, the nation’s second-largest telecommunications carrier.
It was licensed under Taiwan Mobile’s brand, Fusheng Digital. Lin Zhichen serves as the CEO of both businesses.
Local media state that the Financial Supervisory Commission (FSC) of the nation has granted a virtual asset service provider (VASP) license to Taiwan Mobile, the nation’s second-largest telecommunications carrier. It can now open a crypto exchange thanks to the licenses.
Taiwan Mobile, also known in Chinese as Taiwan Big Brother, is the 26th business to receive a VASP license.
According to Bloomberg, which conjectured that Taiwan Mobile was looking to acquire an established exchange, it had been pursuing a spot in the cryptocurrency market for more than a year. It was licensed under Taiwan Mobile’s brand, Fusheng Digital. Lin Zhichen serves as the CEO of both businesses.
The United Daily News stated that as the majority of the VASP association’s members are start-ups, the industry will benefit from the arrival of a large firm. Chairman Zheng Guangtai was cited as noting that the association gains new experience and resources with the addition of enterprises from a variety of sectors.
The FSC took over regulation of cryptocurrencies in the middle of 2023. It created management standards for cryptocurrency companies in September and prohibited overseas operators. A measure endorsing FSC recommendations with sanctions was presented to the Taiwanese parliament the following month.
The FSC declared in March that it would present a measure to parliament with the goal of strengthening laws and safeguarding consumers. The Justice Ministry put out changes to the AML rules in May that would have an effect on VASPs by making the offenders subject to prison sentences.
In the same month, Binance and the Justice Ministry worked together to solve a $6.2 million money laundering case. Nine people were ultimately charged with fraud, organized crime, and money laundering.
