Taiwan to trial crypto custody services through local banks in 2025

Taiwan is looking to advance institutional cryptocurrency adoption as local regulators aim to pilot crypto storage services through local banks.

The Financial Supervisory Commission (FSC) of Taiwan is preparing to launch an institutional trial of crypto custody services, the local news outlet, Central News Agency, reported on Oct. 8.

While the FSC reportedly expects to start collecting applications in the first quarter of 2025, three private banks in Taiwan have already expressed interest in piloting a crypto custody business.

FSC mentions Bitcoin, Ether and Dogecoin

Citing explanatory information by the FSC, the report stated that financial institutions applying for a trial run of crypto custody in the future would have to specify the type of assets they store for clients, such as Bitcoin (BTC), Ether (ETH) or Dogecoin (DOGE).

Related: National Bank of Bahrain rolls out its first Bitcoin investment fund

Additionally, the institutions must include information about the type of users they target, whether those are professional or general investors, crypto asset platforms or others.

FSC’s director of the comprehensive planning division, Hu Zehua, reportedly mentioned at a press conference on Monday that the authority expects to publicly release the information on the upcoming trial at least 15 days before starting accepting applications. The FSC will also be collecting public feedback on the proposed trial and revise the process accordingly.

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

Magazine: Anti-aging tycoon Bryan Johnson almost devoted his life to crypto