“Taiwan Mobile, the country's second largest telecommunications provider, has received a virtual asset service provider (VASP) license from the country's Financial Supervisory Commission (FSC), according to local reports. This license paves the way for opening a cryptocurrency exchange.

Taiwan Mobile, called Taiwan Big Brother in Chinese, is the 26th company to be licensed as a VASP. According to Bloomberg, the company has been looking for a place in the crypto market for more than a year. Licensed under the name Fusheng Digital, this company is owned by Taiwan Mobile. Both companies are managed by Lin Zhichen.

To obtain a VASP license, Taiwan Mobile had to comply with several Anti-Money Laundering (AML) requirements. Once these hurdles are overcome, the company becomes eligible for membership in the self-regulatory Taiwan Virtual Asset Service Providers Association, which was established in June.

FSC assumes responsibility for crypto regulations in mid-2023. In September, it created governance rules for crypto businesses and banned foreign operators. The following month, a bill supporting FSC rules with fines was introduced into Taiwan's parliament.

The FSC announced in March that it would introduce a bill to parliament to tighten regulations and increase consumer protections. The Department of Justice in May proposed changes to AML laws affecting VASPs and imposing prison sentences for responsible parties.

Binance cooperated with the Department of Justice to resolve a $6.2 million money laundering case that same month. This led to nine people being charged with money laundering, fraud and organized crime.

What impact do you think Taiwan Mobile's entry into the cryptocurrency market will have on the industry? We are waiting your comments."