Taiwan To Pilot Crypto Custody Services Through Local Banks

According to Cointelegraph, Taiwan is advancing institutional cryptocurrency adoption as local regulators plan 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, as reported by the Central News Agency on October 8. While the FSC expects to start collecting applications in the first quarter of 2025, three private banks in Taiwan have already shown interest in piloting a crypto custody business. The FSC has specified that financial institutions applying for the trial must detail the types of assets they will store for clients, such as Bitcoin (BTC), Ether (ETH), or Dogecoin (DOGE). Additionally, institutions must provide information about their target users, whether they are professional or general investors, crypto asset platforms, or others. FSC’s director of the comprehensive planning division, Hu Zehua, mentioned at a press conference that the authority plans to publicly release information on the upcoming trial at least 15 days before starting to accept applications. The FSC will also collect 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.