Taiwanese regulators are reportedly planning to pilot a cryptocurrency custodian service at local banks next year.
Taiwan’s Financial Supervisory Commission (FSC) will pilot digital asset custody services for banks starting in the first quarter of 2025, according to a new report in Singapore’s government-backed media outlet Central News Agency (CNA). He is planning to do so.
So far, three private banks have expressed interest in the program.
According to the report, Hu Zehua, Director of General Planning at the Financial Supervisory Board, said at a press conference that there would be a 15-day period to hear and consider external opinions before accepting the application.
The FSC requires companies that apply to pilot cryptocurrency custody services to not only identify their target customers, whether retail investors, professional investors, or virtual currency exchange platforms, but also identify the specific digital assets they store. It states that assets must be disclosed.
According to Hu Zehua, the FSC is paying “particular attention” to the cybersecurity practices of companies providing cryptocurrency custody services, and is also encouraging companies to protect their money by blocking digital assets that originate from illicit funds. They are calling for the fight against laundering.
Last week, the FSC amended its policy to require all crypto-based companies to register with the regulator by September 2025, with failure to do so subject to penalties of up to two years in prison or 156,000 yen. A fine of $1.00 was imposed.
Near the end of September, the FSC also announced that it would allow professional traders to invest in overseas crypto exchange traded funds (ETFs).
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