Taiwan Mobile Receives VASP License to Establish a Crypto Exchange
The second largest SIM and network services provider operating in Taiwan has recently forayed into the crypto industry. As per the report, Taiwan Mobile is also called the Taiwan Big Brother. The cellular network services provider has received a VASP license which makes it a legal virtual asset service provider in the region.
In accordance with the local media reports, the license was issued by the local regulatory agency namely the Financial Supervisory Commission (FSC).
Taiwan Mobile to Operate as a Crypto Trading Platform
The reports also suggest that the licensing will assist the firm to operate as a crypto trading platform. The Taiwan Big Brother has become the 26th firm in the nation to receive a VASP certification.
As per the Bloomberg report, the firm has been working on obtaining the license for the better part of last year. This report also indicates that Taiwan Mobile has been making preparations for purchasing a currently operational trading platform.
The license has been issued under the name of Fusheng Digital. The firm operates as a subsidiary of Taiwan Big Brother. These firms are headed under the supervision of Lin Zhichen. VASPs have received the VASP certification.
In accordance with the VASP license requirements, the firm has to work on various anti-money laundering (AML) requirements. After completing the eligibility criteria, the firm was able to become a member of the self-regulated VASP Association of Taiwan.
Taiwan’s VASP Association to Promote Crypto Startups
The VASP association of Taiwan comprises a large number of startup firms. However, after the recent addition of big firms, the association is likely to get a boost. An article published in United Daily News has indicated that the various firms hailing from different industries and sectors have been included in the crypto industry after acquiring a VASP license and bringing their unique experiences and skill sets to the sector.
The remarks were quoted from VASP Association chairperson Zheng Guangtai. The FSC started to work as the main regulator for handling cryptocurrency firms and regulations in the middle of 2023.
In September, the agency issued policies for cryptocurrency firms and imposed an exodus on foreign crypto operators. In the upcoming months, legislators proposed a bill in parliament about backing FSC policies and imposed fines on defaulters.
The firm also made an announcement in March about introducing a new bill in parliament for stricter regulatory requirements for cryptocurrency firms. The agency also noticed that the decision was made to ensure consumer protection.
The Ministry of Justice explored the possibility of editing the AML regulations. The government has claimed that violations or ignorance of AML requirements should have prison time for the defaulting parties.
Labour Party MP Proposes Policies to Regulate Crypto
The Member of Parliament Tulip Siddiq proposed stricter policies to regulate crypto firms. He hails from the Labour Party which rose in popularity recently and stands to assume the control of UK government.
However, as per the report, the MP made the suggestion during the opposition period. The popularity of the Labour Party was confirmed after a landslide victory on 4th July 2024. Prime Minister Keir Starmer has assumed his duties and started shaping the new administrative team that is inclusive of MP Siddiq.
Siddiq was appointed as the formal secretary of Economics after a notification issued by PM Starmer on 9th July. With this change, the MP is now directly responsible for regulatory guidelines in the UK for the digital asset sector and CBDC policies. Before his recent appointment, Siddiq served as a shadow City Minister and Shadow Economics Secretary when the conservatives were in charge.
In a May 2023 op-ed, Siddiq called for legislators in the region to make and implement comprehensive legal policies to supervise cryptocurrencies as a way to increase government control over the sector.
She is in favor of taking the same approach as in the United States and also compared the method of conservative government towards crypto as Wild West. In one of her statements, she noted that the Labour Party is taking a serious approach to regulate fintech firms while preserving innovation.
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