- Taiwan FSC plans to trial the crypto custody services of the virtual assets.
- Applications for the crypto custody trial will begin from Early 2025.
Taiwan’s Financial Supervisory Commission (FSC) plans to trail the custody services of open digital assets. Three domestic banks have taken the initiative to participate in the trial program, which is set to kick off in the first quarter of 2025.
These banks are expected to provide storage solutions for the cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). The Financial Supervisory Commission (FSC) has laid strict guidelines for the institutions. It requires them to specify the assets they support and identify their target user base.
Hu Zehua, FSC Global Planning Division Director, has stated that the authority plans to release information about the project trial at least 15 days before it begins accepting applications. Moreover, the FSC plans to collect feedback from the public on the proposed trial.
On the other hand, the Taiwan FSC has informed that it would allow institutional investors to trade foreign crypto exchange-traded funds (ETFs). The regulators plan to draft a proposal for crypto laws by December 31. It aims to formally propose by June 2025.
The Financial Supervisory Commission of Taiwan has assured the security of the custody business and the prevention of money laundering. Furthermore, it stated that the financial institutions should block the virtual assets based on illegal funds to avoid the risk.
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