The post Crypto Custody Solutions To Debut In Taiwan With Local Bank Trials In 2025 appeared on BitcoinEthereumNews.com.

The Taiwanese financial watchdog is reportedly considering trialing institutional crypto custody services, with local banks being evaluated for a pilot program. Taiwan Looking To Integrate Crypto Assets Into Economy Taiwan’s financial regulator, the Financial Supervisory Commission (FSC) is reportedly encouraging local banks to pilot digital asset custody services. In Q1 2025, the regulator plans to collect applications from interested financial institutions eager to trial digital asset custody services. Three banks have already expressed interest in participating in the pilot project. Sources close to the matter suggest that financial institutions wishing to participate in the trial will be required to specify the type of digital asset they would like to hold, such as Bitcoin (BTC), Ether (ETH), or Dogecoin (DOGE), among others. Given the significant amount of funds in the industry – currently exceeding $2.2 trillion in total market cap – several security-related guidelines that interested institutions must adhere to have been issued. For instance, relevant institutions must share their target user base, including professional investors, general investors, digital asset entities, etc. They must also ensure an efficient security infrastructure and implement mechanisms to prevent money laundering. In addition, the participating institutions must have security mechanisms to avoid engaging with digital assets from illegal sources. Failing to do so may result in their cryptocurrency asset wallets being seized by government authorities. According to the report, Hu Zehua, Director at FSC, commented that the regulator is considering releasing further information about the trial at least 15 days before accepting applications. Additionally, the FSC aims to gather public feedback on the proposed trial and tweak the process accordingly. Recent regulatory developments in Taiwan indicate that the island nation is steadily warming up to digital assets. For instance, on September 30, the FSC approved institutional investors to invest in foreign crypto exchange-traded funds (ETF)…

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Filed under: News - @ October 10, 2024 12:28 pm