Taiwan’s Second Largest Telecommunications Company Wants To Reach Crypto

Key Points:

• Taiwan Mobile is looking at partnership options with local cryptocurrency platforms.
• The company is in preliminary discussions with cryptocurrency companies regarding strategic alliances.
• In March, Taiwan selected the FSC as the principal regulator for virtual asset service providers.

According to Bloomberg, people familiar with the matter revealed that Taiwan’s second-largest telecommunications company, Taiwan Mobile, is exploring opportunities to cooperate with local crypto platforms.

This action includes possible investment in one of the businesses; financial institutions supporting blockchain XREX Inc. are also among the companies involved in the conversation; no decisions have been made, and many deals have not materialized.

The government-licensed telecom service provider is in early-stage discussions with cryptocurrency companies regarding potential alliances.

Taiwan Mobile said it was “open to any potential opportunities” but declined further comment. Wayne Huang, the co-founder of XREX, refrained from commenting on whether his company is in talks with the second-biggest telecommunications firm on the island. However, he anticipates that as the web3 sector advances and regulatory guidelines become clearer, bigger organizations will venture into it. Huang further stated that XREX is eager to collaborate with telecommunications corporations to encourage adoption.

The United States subsequently clamped down on cryptocurrency, while other countries, such as Hong Kong and Dubai, are attempting to develop legal frameworks that can safeguard clients while luring investment from digital-asset enterprises.

Taiwan selected the Financial Supervisory Commission as the primary regulator of virtual-asset service providers in March. By the end of September, the commission plans to provide precise guidelines.

According to reports, the FSC will not regulate non-fungible tokens (NFTs) since they are still in their early stages as an asset class and it is too early to control them. Taiwan has two financial regulators: the Central Bank of the Republic of China (Taiwan’s official name) and the Financial Supervisory Commission (FSC).

The Central Bank is in charge of monetary policy and foreign currency rules, while the FSC is in charge of everything from banking regulation to securities and futures trading to anti-money laundering.

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Harold

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