Taiwan Mobile Gets Crypto License After Regulatory Push
- Taiwan Mobile finally secures VASP license.
- Approval comes after major regulatory changes.
- More companies could join crypto.
The global regulatory landscape on crypto is gradually becoming more defined, opening up opportunities for major businesses. Taiwan is one of the countries that recently made a big regulatory push to clarify crypto asset rules.
These regulatory efforts are showing results. Most recently, Taiwan Mobile finally secured its Virtual Asset Service Provider (VASP) license, which will enable the major telecom provider to offer crypto-related services to the public.
Taiwan Mobile Secures VASP License, Expands into Crypto
Taiwan’s crypto industry just hit a milestone with a major firm throwing its hat into the ring. After a lengthy approval process, major telecom provider Taiwan Mobile finally secured its VASP license.
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The move was made public on Friday, July 5, when the company appeared on the Financial Supervisory Commission’s (FSC) list of VASP-compliant entities. The approval makes Taiwan Mobile the 26th company in Taiwan authorized to offer virtual asset services.
The application process had been ongoing for several months, reflecting the rigorous compliance and regulatory standards set by the FSC.
This approval marks a milestone in Taiwan’s regulatory landscape, reflecting recent efforts by the Taiwanese government to stabilize and clarify regulations surrounding digital assets.
Taiwan Seeks to Clarify Crypto Regulation
In recent months, Taiwan has taken several steps towards establishing clear crypto regulations in the country. Most recently, the country established a new body to enable self-regulation within the industry, alongside anti-money laundering (AML) laws.
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On June 9, regulators formed the Taiwan Virtual Asset Service Provider Association, with all VASP license-holders as members. The organization will enable self-regulation in the industry and is expected to address industry-specific challenges more effectively.
Earlier, on May 9, the Ministry of Justice proposed amendments to anti-money laundering (AML) laws, focusing on crypto. The amendments suggest hefty fines and prison terms for non-compliant crypto service providers, with penalties including up to two years of imprisonment and fines reaching up to $1.5 million.
On the Flipside
- Like most countries with high adoption, Taiwan has been struggling with crypto-related crime. In 2023, authorities cracked down on a $320 million crypto money laundering ring.
- In May, Binance worked with Taiwanese authorities to resolve a $6.2 million case involving a fraudulent crypto gaming app.
Why This Matters
The aggressive regulatory push in Taiwan encourages more traditional companies and financial institutions to explore opportunities in the crypto space.
Read more about the Taiwanese regulatory push:
Taiwan Targets Stronger Crypto Regulation with New Association
Read more about the Twilio data leak:
Beware: Twilio Hackers Leak Data, Put Crypto Users on Alert
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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