Taiwan Mobile, the country’s second-largest telecommunications provider, has received a virtual asset service provider (VASP) license from the Financial Supervisory Commission (FSC). This license allows Taiwan Mobile to open a cryptocurrency exchange, marking its official entry into the crypto market.
Known as Taiwan Big Brother in Chinese, Taiwan Mobile becomes the 26th company in the country to obtain a VASP license. The company has shown interest in the crypto market for over a year, with Bloomberg suggesting that Taiwan Mobile considered acquiring an existing exchange. The license was granted under the name Fusheng Digital, a subsidiary led by Lin Zhichen, who also heads Taiwan Mobile.
Achieving the VASP license required Taiwan Mobile to meet strict Anti-Money Laundering (AML) standards. With these requirements satisfied, the company can now join the Taiwan Virtual Asset Service Provider Association, a self-regulatory organization established in June.
Most members of the VASP association are startups, so the entry of a major corporation like Taiwan Mobile brings significant new resources and experience. Chairman Zheng Guangtai noted that the inclusion of companies from various sectors would strengthen the association and provide valuable expertise.