Taiwan Moves Closer to Institutional Crypto Adoption with New Crypto Custody Trial đ
Taiwan is taking significant steps toward institutional cryptocurrency adoption, as local regulators gear up to pilot crypto storage services through banks. According to a report by the Central News Agency on October 8, the Financial Supervisory Commission (FSC) of Taiwan is preparing to launch a trial for institutional crypto custody services.
The FSC aims to begin accepting applications for this trial in the first quarter of 2025. Already, three private banks in Taiwan have expressed interest in piloting the crypto custody business.
Banks participating in this trial must disclose the types of crypto assets they plan to store for their clients, including Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE). In addition, they are required to outline their target user baseâwhether they are professional or general investors, crypto asset platforms, or other entities.
Hu Zehua, the director of the FSCâs comprehensive planning division, announced during a press conference that the commission plans to release details about the upcoming trial publicly at least 15 days before it starts accepting applications. The FSC also plans to collect public feedback to refine the process as needed.
As this story develops, further updates are expected as Taiwan pushes forward with its goal of integrating cryptocurrency into its financial ecosystem.
Stay tuned for more information!
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