Taiwan’s Financial Supervisory Commission (FSC) is preparing to launch an institutional pilot for crypto custody services, Cointelegraph reported. The Central News Agency reported on Oct. 8 that the FSC plans to start collecting applications in the first quarter of 2025.

Currently, three private banks in Taiwan have expressed interest in piloting crypto custody services. The Financial Supervisory Commission pointed out that financial institutions applying for the pilot program must clearly specify the type of assets to be stored, such as Bitcoin, Ether or Dogecoin.

In addition, institutions are required to explain their target user types, including professional or ordinary investors, crypto asset platforms, etc. Hu Zehua, director of the Comprehensive Planning Department of the Financial Supervisory Commission, said at a press conference that the Financial Supervisory Commission will disclose pilot information at least 15 days before accepting applications and collect public feedback.