Government licensed wireless service provider, Taiwan Mobile Co., has approached some of the domestic cryptocurrency firms, regarding any chances of collaboration. The telecom company is in the initial process of an alliance. This highlights the interest of other growing convenience in the virtual currency sector.
Taipei based XREX Inc. is one of the companies engaged in talks with the telecom company. The blockchain based financial institution has not confirmed the news, but stated comments regarding the future partnerships with larger companies.
Partnership with Telecom Companies Has Advantages
No official statement has been made by Taiwan Mobile Co. or XREC regarding the partnership. Dr. Wayne Huang, co-founder of XREC, commented they are ready for the larger institutions in the Web3 sectors. He also added that he is eager for a collaboration with telecom companies because of its high advantages.
Know Your Customer (KYC) is one such advantage which provides you with the user base. The future collaboration can be fruitful with XREX domain expertise in blockchain and cyber security.
Without naming the telecom company, Huang says the partnership with telecom companies can result in the advancement of blockchain technology. He added that they are waiting for a clearer stance of regulations on crypto.
Many Companies Searching Possibilities in the Crypto Industry
Marvin Lo, crypto analyst at Bloomberg Intelligence said that like various other telecom companies of Japan, Taiwan Mobile Co. must be searching for the possibility of entering in the fintech business.
Taiwan is enhancing blockchain technology and Web3 .The region shows its alertness in the field by announcing the launch of the Ministry of Digital Affairs (MODA) office in August. It will protect against the cyber attacks which have been on rise in the recent months.
Regarding regulations, Huang Tien-mu, the Chair of Taiwan’s Financial Supervisory Commission (FSC) announced they have selected their digital asset regulators for the nation, and how all virtual currency trading platforms should keep their assets separate from the clients virtual assets.
The FSC will also look at the product listing and the customer protection measures implementation. Along with this, it will also keep an eye on transactions and other industry related digital assets together with NFT’s that will be handled by the MODA.
Crypto market is under scrutiny in the U.S. Tough regulations thrive in difficulties for the exchanges to survive. The firms are in search of partners all over the world. Despite so many regulations, the market is still recording the uptick.
Keeping this in mind, Taiwan’s government is also working to accomplish a strong regulatory framework with the help of lawmakers. They are trying to bring the advanced and developed regulation by the end of September.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/14/telecom-company-in-taiwan-searching-partners-in-crypto-trading/