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Three private banks in Taiwan have expressed interest in offering crypto custodial services, with the initiative expected to begin in the first quarter of 2025.
Key Notes
The FSC outlined that financial institutions applying for the trial must specify the types of assets they plan to store, such as Bitcoin, Ether, or Dogecoin.These institutions need to disclose their target audience, indicating whether they cater to general or professional investors.The Taiwanese government has increased its involvement in the crypto market, recently updating its anti-money laundering framework.Earlier today on Wednesday, October 9, the Taiwan Financial Supervisory Commission (FSC) announced its plan to promote the trial of crypto custody solutions while encouraging traditional financial institutions to participate.
This development comes as the Asian semiconductor giant seeks to boost institutional crypto adoption while launching the institutional trial of crypto custody services, reported local media Central News Agency.
Crypto News Alert 🚨
Taiwan's Financial Supervisory Commission is launching virtual asset custody services!
➡️ 3 banks are eager to join the initiative, set to kick off in Q1 next year.
Are you excited to see this evolution in Taiwan's crypto landscape?
🔶 What assets…
— Crypto PM (@CryptoPM_) October 9, 2024
Three private banks in Taiwan have already shown interest in offering crypto custodial solutions. As a result, the FSC regulator will start collecting applications by the first half of 2025.
Additionally, the Financial Services Commission (FSC) provided additional information that all the financial institutions looking to conduct a trial for crypto custody should specify the types of assets they are willing to store for clients, including Bitcoin BTC $61 783 24h volatility: 1.1% Market cap: $1.22 T Vol. 24h: $27.12 B , Ether ETH $2 429 24h volatility: 0.1% Market cap: $292.55 B Vol. 24h: $13.75 B , or Dogecoin DOGE $0.11 24h volatility: 2.7% Market cap: $16.10 B Vol. 24h: $673.43 M .
Furthermore, these institutions should disclose the target audience for their services. They must mention whether they are catering to general investors, professional investors, crypto-asset platforms, or other groups.
Additionally, the FSC seeks to collect public feedback for the proposed custodial trials while revising the process accordingly.
Taiwan Shows Greater Interest in Crypto
The Taiwanese government has grown its involvement in the crypto market over the past few months. Earlier this month on October 2nd, the Financial Services Commission (FSC) updated the anti-money laundering framework for Taiwan, regarding the use of digital assets like Bitcoin.
In the latest update, the authority mandated that all cryptocurrency companies must register with the government by September 2025. Failure to comply could result in severe penalties, including prison sentences of up to two years or fines of $156,000.
In September last month, Taiwan’s regulator FSC also authorized professional investors to engage with foreign crypto exchange-traded funds (ETFs) amid the growing demand for these investment products in the market.
Taiwan has established itself as one of Asia’s most innovative markets, particularly in the fields of technology and finance. Legal experts from Regulated United Europe note that while Taiwan does not recognize cryptocurrency as a legal tender, the government permits and regulates cryptocurrency investments. The Financial Supervisory Commission (FSC) is actively working to develop clear regulations for this emerging industry.
Many crypto market analysts believe that Taiwan is potentially the “next major crypto market”, as it sees growing competition from neighboring regions like Hong Kong.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
