What Happened?
Taiwan Mobile’s subsidiary, Fusheng Digital, has launched the “Taiwan Big Virtual Asset Exchange,” becoming the first virtual asset exchange in Taiwan established and supported by a large corporate group. It is set to officially launch on May 22, marking a stark contrast to the recent trend where many VASP operators have chosen to exit the market due to regulatory pressures or internal issues, introducing new variables to the industry.
The “Taiwan Big Virtual Asset Exchange” is led by key leaders from Taiwan Mobile Group such as Lin Zhi-Chen and Han Kun-Ju, demonstrating the group’s commitment and resource investment in this field. More importantly, Fusheng Digital has been included in the Financial Supervisory Commission’s list of entities that comply with anti-money laundering regulations, indicating its determination to develop in a compliant manner, which is especially critical in the current tightening regulatory environment.
Taiwan Mobile Officially Enters the Cryptocurrency Industry!
In the wake of a recent trust crisis in Taiwan’s cryptocurrency industry, where several operators have chosen to withdraw amidst low market sentiment, an exchange backed by significant corporate resources and credibility has opted to announce its entry at this moment.
Fusheng Digital recently issued a press conference invitation, announcing the launch of the “Taiwan Big Virtual Asset Exchange” (TWEX), scheduled to officially list on May 22, “Bitcoin Pizza Day.” This not only makes it the first exchange in Taiwan established and supported by a large corporation but also throws a significant stone into the market, which is in urgent need of stability and the rebuilding of investor confidence.
The emergence of this new exchange has garnered considerable attention regarding how it will develop in this challenging yet opportunity-laden environment. Fusheng Digital stated that the establishment of TWEX aims to invite the public to embrace the Web3 trend and become participants in the new era. To celebrate its listing, a press conference and forum will be held on May 22.
The first half of the press conference will feature Fusheng Digital Chairman Lin Zhi-Chen (who is also the General Manager of Taiwan Mobile) and General Manager Han Kun-Ju, sharing their observations on industry trends and introducing TWEX. The second half of the forum, co-hosted by Fusheng Digital and the Taiwan Fintech Association, will invite Association Chairperson Fang Yan-Ling and Honorary Chairperson Tsai Yu-Ling to discuss three key topics: security protection, joint defense and fraud prevention, and the regulatory process for stablecoins in Taiwan.
“Taiwan Big Virtual Asset Exchange” Targets the Web3 Market, Recognized by the Financial Supervisory Commission
In fact, Taiwan Mobile’s ambitions in the cryptocurrency industry have long been apparent. In the list released by the Financial Supervisory Commission on July 5, 2024, of “virtual currency platform operators that have completed anti-money laundering compliance statements,” Fusheng Digital Co., Ltd. is listed as the 26th entity, confirming its proactive steps towards compliance.
The core team of Fusheng Digital also shows a close connection to Taiwan Mobile. The head of Fusheng Digital is Lin Zhi-Chen, the General Manager of Taiwan Mobile, who is also the Chairman and Partner of AppWorks’ initial accelerator. He has long maintained an open attitude towards the Web3 industry and has supported many relevant startups through AppWorks. Lin Zhi-Chen has expressed optimism about the possibility of a new generation of currency replacing some fiat currencies in the future.
Additionally, Han Kun-Ju, a board member of Fusheng Digital, is the Deputy General Manager of New Technology Business Development at Taiwan Mobile and has participated in the creation of the PChome Pi wallet. Supervisor Tsai Qi-Yan serves as the Group Chief Information Officer of Taiwan Mobile, demonstrating the core team’s support for this new venture.
Although Fusheng Digital has applied for trademarks such as OP crypto asset passbook and OPcrypto, indicating its investment in the crypto industry, it was not until the Financial Supervisory Commission’s announcement of the compliance statement list that its plans to enter the cryptocurrency trading platform became clearer. This differs from earlier speculations that Taiwan Mobile’s recruitment of Han Kun-Ju was solely for the expansion of the “mo coin” ecosystem.
The VASP Association of Taiwan also expressed its approval of large corporations like Taiwan Mobile entering the cryptocurrency industry at that time. Recently, as Taiwan’s regulatory authorities have gradually tightened supervision over virtual asset service providers (VASP), the cryptocurrency industry in Taiwan is experiencing a significant reshuffle and transformation, with several operators choosing to exit the market amidst challenges and changes.
In May of this year, several exchanges on the list announced their termination of trading and operations, including BitAsset (Asia Pacific EasyAnt Technology), which ceased operations due to “overall environmental changes and operational strategy adjustments,” Coin-Now Bitcoin Exchange (Yangjia Co., Ltd.) that was previously reported to be involved in money laundering for fraud groups, and CoinWorld, which voluntarily exited the compliance list and has terminated its business, all of which are no longer on the list.
With the draft of the “Virtual Asset Service Act” expected to be submitted to the Executive Yuan in June, and the Financial Supervisory Commission requiring VASP operators to complete legal registration by the end of September 2025, these events highlight that Taiwan’s cryptocurrency industry is in a critical period of compliance growing pains and transformation.
At this moment of tightening regulation, the official launch of the Taiwan Big Exchange will undoubtedly send shockwaves through Taiwan’s cryptocurrency industry. As a telecom giant with scale and resources, how to balance industry flexibility and compliance requirements while establishing a foothold in the market will be the focus of attention from all sectors.