Taiwan's Financial Supervisory Commission (FSC) plans to launch an institutional trial of crypto custody services, with three local banks already showing interest. The FSC aims to start accepting applications in the first quarter of 2025. Financial institutions participating in the trial must specify the types of assets they will store, such as Bitcoin, Ether, or Dogecoin, and the target users. The FSC will release trial information at least 15 days before accepting applications and gather public feedback. Taiwan has been actively involved in cryptocurrency, updating its Anti-Money Laundering framework and authorizing professional investors to engage with foreign cryptocurrency exchange-traded funds. Despite not recognizing cryptocurrency as legal tender, Taiwan allows and regulates crypto investments, with the FSC working on establishing clear industry rules. The country is seen as a potential major crypto market, contrasting with China's crackdown on crypto transactions in 2021. Read more AI-generated news on: https://app.chaingpt.org/news