Taiwan Mobile Co (台灣大哥大) is exploring opportunities for collaboration with local crypto platforms, including potentially investing in one of the businesses.
The government-licensed wireless service provider is in early-stage talks with crypto firms about strategic partnerships, said three people familiar with the matter, who asked not to be identified as they were discussing private information.
Taipei-based XREX Inc (鏈科), which describes itself as a blockchain-enabled financial institution, is among the firms in the conversations, the people said.
Photo: CNA
No decisions have been made and a deal might not materialize, they added.
Taiwan Mobile said it is “open to any potential opportunities,” but did not comment further.
XREX cofounder Wayne Huang (黃耀文) declined to say whether his firm is in discussions with the nation’s second-largest telecom.
Huang said that he expects larger institutions to enter the Web3 sector as it matures and regulatory clarity emerges, adding that XREX looks forward to partnering with telecom enterprises to drive adoption.
“Synergies are high because such institutions own a sizeable, already-KYCed user base, while XREX offers domain expertise in blockchain and cybersecurity,” he said, using the acronym for know-your-customer rules.
The nebulous term “Web3” refers to a vision of a decentralized Internet built around blockchains, crypto’s underlying technology.
Taiwan Mobile might be “exploring the possibility of entering the fintech business, like what the Japanese telcos have been doing,” Bloomberg Intelligence senior industry analyst Marvin Lo (盧銘雄) said.
The digital-asset industry is trying to recover from a US$1.5 trillion market rout last year that sparked a series of high-profile bankruptcies, including the implosion of the FTX exchange. Crypto businesses shed thousands of jobs and venture capital funding dried up in the wake of the turmoil.
The US subsequently cracked down on crypto, but other jurisdictions such as Hong Kong and the United Arab Emirates are trying to create regulatory frameworks that can protect customers while attracting investment from digital-asset businesses.
Taiwan in March appointed the Financial Supervisory Commission as the chief regulator for virtual asset service providers. The commission is set to introduce detailed guidelines by the end of September.
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