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

Taiwan Mobile, the second-largest telecom company in Taiwan, is reportedly exploring collaborations and investments in local crypto firms, according to a June 13 report from Bloomberg.

Taiwan Mobile is engaged in preliminary discussions with crypto platforms for potential strategic partnerships, three unnamed sources told Bloomberg. The government-licensed telecom firm stated that it remains “open to any potential opportunities.

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 if his startup is in talks with Taiwan Mobile. However, he said that he expects large institutions to increasingly enter the Web 3.0 space as crypto regulations become clear.

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

The guidelines will include disclosure requirements for exchanges, a review process for listing and de-listing tokens, prevention of money laundering requirements, and instructions on the management of 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 NTT Docomo joined hands with Accenture to invest $4 billion into Web 3.0.

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