Taiwan to pilot crypto custody services via local banks by 2025

Taiwan is planning to promote the adoption of institutional cryptocurrency as local regulators explore testing crypto storage services through local banks.

The Financial Supervisory Commission (FSC) of Taiwan is getting ready to launch an institutional trial of cryptocurrency custody services, as reported by the local news channel Central News Agency on October 8.

The FSC is expected to begin accepting applications in the first quarter of 2025, but three private banks in Taiwan have already shown interest in testing out a crypto custody business.

According to information from the FSC, financial institutions applying for a crypto custody trial in the future will need to specify the types of assets they will store for customers, such as Bitcoin (BTC), Ether (ETH), or Dogecoin (DOGE).

Institutions must also provide details about the type of users they are targeting, whether they are professional or general investors, crypto asset platforms, or other entities.

During a news conference on Monday, Hu Zehua, the director of FSC’s comprehensive planning department, mentioned that the authority plans to release information about the process for at least 15 days before accepting applications. The FSC will also seek public feedback on the proposed trial and make adjustments as necessary.

This is a developing story, and more information will be added as it becomes available.

SOURCE

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