Taiwan’s FSC to Launch Institutional Trial for Crypto Custody Services
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Taiwan’s Financial Supervisory Commission (FSC) plans a trial for crypto custody services through local banks.
The FSC intends to begin accepting applications for the trial in the first quarter of 2025, according to a report by the Central News Agency on October 8.
Three private banks have already expressed interest in participating in this pilot program.
Financial institutions interested in the trial will need to specify the types of assets they plan to manage, including popular cryptocurrencies like Bitcoin, Ether, and Dogecoin.
Additionally, banks must outline their target client base, such as professional or general investors, crypto platforms, or other institutional players.
This approach ensures that banks have a clear understanding of the market segment they aim to serve.
Hu Zehua, FSC’s director of the comprehensive planning division, told the outlet that details about the trial would be made public at least 15 days before the application process begins.
The FSC also plans to gather public feedback and incorporate suggestions to refine the trial process.
Taiwan to Trial Crypto Custody Services in 2025
Taiwan’s Financial Supervisory Commission will start collecting applications for crypto custody services in Q1 2025, with interest from three local banks. pic.twitter.com/CovKd3ZtkY
The initiative comes on the heels of updated Anti-Money Laundering (AML) regulations introduced by Taiwan’s FSC.
The new rules focus on improving oversight of local virtual asset service providers (VASPs), reinforcing the regulatory framework to
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