Taiwan Telecom Giant Taiwan Mobile Co., Ltd., Enters Crypto Market with New License
Taiwan Mobile Co., Ltd., Taiwan’s second-largest telecom operator, has obtained a crypto exchange license, according to updates on the Financial Supervisory Commission website on July 5.
The founders of Taiwan Mobile, formerly known as Pacific Cellular Corporation (PCC), created it in February 1997 as part of a strategic divestment from the now-insolvent Pacific Electric Wire & Cable Co. Ltd.
The mobile company with about 9.86 million users submitted applications on several occasions to become Taiwan’s 26th Virtual Asset Service Provider (VASP) and it finally got approved.
According to reports, Taiwan Mobile applied to the agency, with Zhichen Lin, the general manager of the company at the helm. By becoming the 26th member of the VASP association, the mobile company can now officially launch a cryptocurrency exchange.
Taiwan Mobile’s VASP License Set to Spur Crypto Adoption
Taiwan Mobile VASP license has set the pace for more crypto adoption in the country. Valued at 431.90 billion New Taiwan Dollars (TWD) and as the second-largest telecom company in Taiwan, the recent VASP license will significantly advance the merging of digital assets within mainstream services.
According to local news media, before joining the VASP association, the mobile company reportedly explored different opportunities to merge with local crypto platforms.
The country maintains a neutral stance on cryptocurrency, neither adopting it as legal tender nor imposing a complete ban on the asset.
The Taiwan government was not keen on crypto regulation until the collapse of FTX in November 2023, which significantly affected the crypto space. The government had to expedite the establishment of crypto regulations since many of its citizens used the platform because of its lower U.S. dollar interest rates than local banks in the country.
In June, the nation launched the Taiwan Virtual Asset Service Provider Association, a self-regulatory body for the cryptocurrency industry. The CEO and founder of BitoPro, Titan Cheng, and Winston Hsiao, the CEO of the blockchain-enabled platform XREX, governs the association. The members of the association include 24 registered crypto platforms.
The self-regulatory association aims to develop a comprehensive framework for the classification, management, and oversight of virtual asset service providers operating in Taiwan.
