Taiwan Mobile Ventures into the Crypto World: Early Talks on Investment in Local Platform Spark Excitement
- Rudolph Harmon
- June 13, 2023
- Altcoin News, Crypto, News
- Crypto, Investent, Platform, Taiwan, XREX
- 0 Comments
- Taiwan Mobile is in early talks about a possible investment in a local cryptocurrency platform.
- The talks are said to be in the early stages, and no formal agreement has been reached yet.
- Taiwan’s cryptocurrency market has been growing rapidly in recent years, with several top exchanges operating in the country.
- The Taiwanese government has been working to regulate the industry to prevent fraud and protect investors.
Taiwan Mobile, a prominent telecommunications company in Taiwan, is reportedly considering investing in a local cryptocurrency platform. This development comes amidst the increasing growth of the cryptocurrency market in Taiwan, with multiple top exchanges operating within the country.
Sources have revealed that Taiwan Mobile is exploring the potential of investing in a local cryptocurrency platform to expand its business offerings and capitalize on the growing interest in cryptocurrencies among Taiwanese investors. Although the talks are still in their early stages, it is clear that Taiwan Mobile is taking a keen interest in the cryptocurrency sector.
While no formal agreement has been reached yet, this development is certainly worth keeping an eye on as it could have significant implications for the future of the cryptocurrency market in Taiwan.
Taiwan’s Forey to Crypto
Taiwan Mobile, the second-largest telecom company in Taiwan, has hinted at being open to potential investment opportunities in the cryptocurrency space. Although the company has not made any official statements regarding this matter, it comes as no surprise given the growing popularity of cryptocurrencies in Taiwan and the company’s track record of investing in new technologies.
XREX, a blockchain-based platform for cross-border payments, is rumored to be one of the potential candidates for Taiwan Mobile’s investment. However, XREX’s co-founder Wayne Huang has declined to comment on any ongoing discussions between the two companies.
Huang believes that as the web3 sector matures and regulatory clarity emerges, larger institutions will enter the space. He also expressed XREX’s interest in partnering with telecom enterprises to drive adoption.
Taiwan’s Crypto Market
The world of cryptocurrency in Taiwan has been experiencing rapid growth in recent years, with several top exchanges operating in the country. In the first half of 2022, the volume of crypto transactions in Taiwan grew by over 30%, making it one of the fastest-growing markets in Asia.
MaiCoin, the largest cryptocurrency exchange in the country, now boasts a daily trading volume of over $20 million. Despite this growth, the Taiwanese government has taken a measured approach to cryptocurrencies. It has been working to regulate the industry to prevent fraud and protect investors.
Taiwan’s stance on cryptocurrencies is quite clear: while they are not yet considered legal tender, they are completely legal to invest in. There are no specific laws in place that prohibit the buying or owning of digital assets, so individuals are free to do so. Interestingly, the Taiwanese government recognizes cryptocurrency as a legitimate asset and permits it to be purchased and held as an investment. This recognition is a significant step forward for the world of digital currencies and may signal a shift in attitudes towards them.
Businesses in Taiwan are not required to accept cryptocurrency as a means of payment, but the government has recently announced special legislation to regulate the industry. The Financial Supervisory Commission will be in charge of this regulation, and it is set to introduce detailed guidelines by the end of September. Furthermore, there was also a collaboration between Binance, a crypto-exchange, along with Taiwan’s CIB department for a one day crypto law training program. With these moves, Taiwan is poised to become a leader in the regulation of cryptocurrencies in Asia.
#Binance is proud to partner with Taiwan’s Criminal Investigation Bureau to fight cybercrime.
We remain committed to creating a more secure ecosystem in alliance with law enforcement agencies around the globe.
Learn more here ⤵️ https://t.co/BqqlbbQDuU
— Binance (@binance) June 11, 2023
Taiwan Mobile is exploring the possibility of investing in a local cryptocurrency platform. This move could potentially broaden the company’s range of business offerings and capitalize on the increasing fascination with cryptocurrencies among Taiwanese investors. Although the discussions are still in their nascent stages, the ramifications of this development could be substantial for both the cryptocurrency sector in Taiwan and the telecommunications industry at large. This is a developing story that bears watching.