According to a press release issued on Tuesday, the Financial Supervisory Commission plans to open up financial institutions to apply for trial operations of "virtual asset custody business" and hopes to solicit outside opinions for 15 days before formally accepting applications for trial cases.
The explanatory information of the Financial Supervisory Commission reads: "In response to the establishment of the Virtual Currency Business Association and the future demand for virtual asset custody, and taking into account the international trend of financial institutions handling virtual asset custody business, and thereby promoting financial innovation, the plan is to handle the theme-based Business trial, discussing opening up financial institutions to handle virtual asset custody business.â
The explanatory information shows that the information that financial institutions must provide when applying for trial operation of custody business (items involved in the business model) includes: the type of virtual assets to be custody (such as Bitcoin or Ethereum) and the service objects of custody (such as virtual asset transactions) institutions or institutional investors).
According to (Central News Agency), Hu Zehua, director of the Comprehensive Planning Division of the Financial Supervisory Commission, said at a regular press conference on Tuesday that the explanatory materials will be revised based on external opinions and the date for the start of accepting pilot applications will be officially announced. According to the Financial Supervisory Commission, three private banks have expressed interest in the virtual asset custody business and hope that the service targets include virtual asset exchanges and professional institutional investors. The regulatory agency predicts that the first application will appear in the first quarter of next year.
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