Taiwan’s second-largest telecoms company explores investments in local crypto firms

According to reports on June 13, Taiwan Mobile, Taiwan’s second-largest telecommunications company, is reportedly considering partnerships and investments with local cryptocurrency companies. report from bloomberg.

Taiwan Mobile is in preliminary talks with cryptocurrency platforms for a potential strategic partnership, three sources told Bloomberg on condition of anonymity. The government-licensed telecom company said it was “always open to any potential opportunity.”

One of the companies Taiwan Mobile is reportedly in early-stage talks with is Taipei-based XREX, which describes itself as a blockchain-enabled financial institution.

XREX co-founder Wayne Huang declined to explicitly confirm whether his startup is in talks with Taiwan Mobile. But he said he expects more and more major institutions to enter the Web 3.0 space as cryptocurrency regulations become clearer.

In March, Taiwan’s Financial Supervisory Commission (FSC) became Chief regulator of digital assets. The FSC has announced that it will introduce detailed guidelines for virtual asset service providers by the end of September.

In the guidelines include Instructions on exchange disclosure requirements, token listing and delisting review processes, anti-money laundering requirements, and hot and cold cryptocurrency wallet management.

Bloomberg senior analyst Marvin Lo suggested that Taiwan Mobile’s interest in crypto partnerships may have been influenced by similar actions taken by the Japanese telecom company. Last year, Japan’s largest telecommunications company NTT Docomo partnered with Accenture to invest $4 billion in Web 3.0.

An article about Taiwan’s second-largest telecommunications company looking to invest in a local cryptocurrency firm first appeared on CryptoSlate.

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