Fun

Taiwan Mobile receives VASP license, entry to crypto market

News Feed - 2024-07-06 06:07:08

Derek Andersen2 hours agoTaiwan Mobile receives VASP license, entry to crypto marketTaiwan’s second-largest telecom has found a way into the crypto market, bring resources and experience with it.2012 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksTaiwan 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. The license creates a path for it to open a cryptocurrency exchange.


Taiwan Mobile, which is called Taiwan Big Brother in Chinese, is the 26th company to be licensed as a VASP. It has been eyeing a place in the crypto market for over a year, according to Bloomberg, which speculated that Taiwan Mobile was seeking to buy an existing exchange. It was licensed under the name of Fusheng Digital, which Taiwan Mobile owns. Both companies are headed by Lin Zhichen.VASPs as a diverse and regulated domestic industry


To receive the VASP license, Taiwan Mobile had to conform to several Anti-Money Laundering (AML) requirements. Once those hurdles are cleared, the company is eligible for membership in the self-regulatory Taiwan Virtual Asset Service Provider Association, which was founded in June.Source: Kyle Chassé


Most of the members of the VASP association are startups, so the entry of a major corporation will give the industry a boost, the United Daily News said. The addition of companies from a variety of sectors provides the association with new experience and resources, chairman Zheng Guangtai was quoted as saying.Crypto regulation evolving, becoming stricter in Taiwan


The FSC assumed responsibility for crypto regulation in mid-2023. In September, it formulated management guidelines for crypto businesses and banned foreign operators. The following month, a bill was introduced into the Taiwanese parliament that backed FSC guidelines with fines.


Related: Polymarket gambler face charges after Taiwan election bet


The FSC announced in March that it would introduce a bill into parliament to tighten regulation and increase consumer protections. The Justice Ministry proposed amendments to AML laws in May that would impact VASPs by making violations they commit punishable by prison terms for the responsible parties.


Binance collaborated with the Justice Ministry in solving a money laundering case worth $6.2 million the same month. It resulted in nine people being charged with money laundering, fraud and organized crime.


Magazine: How the digital yuan could change the world… for better or worse# Cryptocurrencies# Business# Telecom# Taiwan# RegulationAdd reaction

News Feed

US Judge Denies Customer’s Plea to Quash IRS Bitstamp Inquiry
US Judge Denies Customer"s Plea to Quash IRS Bitstamp Inquiry A Washington Western District Court judge has rejected petitioner William Zietzke’s appeal to stop the U.S. In
Bitcoin’s window to reach $100K by end of Q4 'looks very tight'
Ciaran Lyons11 hours agoBitcoin’s window to reach $100K by end of Q4 "looks very tight"Bitcoin reaching $75,000 to $80,000 by Christmas seems plausible, but hitting six figures will require everything to “go right fr
Prashant Jha10 hours agoYuga Labs addresses ApeFest ‘vision damage’ issue, community calls out poor managementThe Bored Ape community was not very impressed by the Yuga Labs’ reaction to the mishap, calling out its
Elon Musk Shrugs Off Joe Rogan's 'God Of Chaos' Asteroid Fears
TwitterFacebookLinkedInElon Musk is unconcerned about the asteroid that will pass close to Earth in 2029, but SpaceX is working to come up with a solution anyway. | Source: (i) REUTERS/Mike Blake (ii) YouTube/PowerfulJRE
Bitcoin ETFs shed $1.3B over 2 weeks amid market slump
Tom Mitchelhill2 hours agoBitcoin ETFs shed $1.3B over 2 weeks amid market slumpBitcoin ETFs have seen outflows of $1.3 Bitcoin in the last two weeks of trading, but analysts expect markets to rally higher in the coming
Goldman Sachs to Settle Massive Corruption Case for $2.8 Billion With US Government
Goldman Sachs to Settle Massive Corruption Case for $2.8 Billion With US Government Goldman Sachs has reportedly agreed to settle with the U.S. government over i
LYO Credit (LYO) Is Now Available for Trading on LBank Exchange
LYO Credit (LYO) Is Now Available for Trading on LBank Exchange press release PRESS RELEASE.INTERNET CITY, DUBAI, Jul. 10, 2022 – LBank Exchange, a global digital asset tradi
Germany’s Bitcoin Group Welcomes Licensing for Crypto Custodians, Expects Competition From Banks
Germany’s Bitcoin Group Welcomes Licensing for Crypto Custodians, Expects Competition From Banks Bitcoin Group SE, a prominent member of the European crypto industry, has been
Marcel Pechman4 hours agoUS gov’t debt downgraded — Huge news for Bitcoin?Cointelegraph analyst and writer Marcel Pechman explains why the downgrading of U.S. government debt will negatively impact the price of Bitco
Crypto losses to deep fakes could reach $25B in 2024 — Bitget
Felix Ng59 minutes agoCrypto losses to deep fakes could reach $25B in 2024 — BitgetCriminals are using deep fakes more than ever, causing $79.1 billion in losses since 2022.291 Total views2 Total sharesListen to articl
$50 Billion in Cryptocurrency Left China Amid Escalating Trade Wars
$50 Billion in Cryptocurrency Left China Amid Escalating Trade WarsOver $50 billion in cryptocurrency flowed out of China over the past 12 months amid trade wars, a new study finds.
Jon Rice3 hours agoPay-to-use blockchains will never achieve mass adoptionBlockchain projects should learn from Google and Facebook by monetizing their users without directly asking for their money.1645 Total views16 Tot