Taiwan Mobile, the second-largest telecommunications company in Taiwan, is currently exploring cooperation and investment opportunities in local cryptocurrency firms, according to a report published on June 13 by Bloomberg. Taiwan Mobile is engaged in preliminary discussions with cryptocurrency platforms for potential strategic partnerships, according to three unnamed sources cited by Bloomberg.
The government-licensed company has stated that it is open to any potential opportunities in this field. One of the firms Taiwan Mobile is reportedly in early-stage talks with is Taipei-based XREX, which identifies itself as a blockchain-enabled financial institution. XREX co-founder Wayne Huang did not explicitly confirm whether his startup is in talks with Taiwan Mobile. However, he stated that he expects large institutions to increasingly enter the Web 3.0 space as cryptocurrency regulations become clearer.
Taiwan’s Financial Supervisory Commission (FSC) became the chief regulator for digital assets in March. The FSC has announced plans to introduce detailed guidelines for virtual asset service providers by the end of September. These guidelines will include disclosure requirements for exchanges, a review process for listing and delisting tokens, measures to prevent money laundering, and instructions for managing hot and cold cryptocurrency wallets.
Marvin Lo, a senior analyst at Bloomberg, suggested that Taiwan Mobile’s interest in crypto partnerships may be influenced by similar actions taken by Japanese telecom companies. Last year, Japan’s largest telecom company, NTT Docomo, partnered with Accenture to invest $4 billion in Web 3.0.