Taiwan is gearing up to embrace the world of digital assets, as the Financial Supervisory Commission (FSC) announces a trial program for custody services set to launch in early 2025.
Three local banks are stepping up to provide secure storage for popular cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. The FSC has established stringent guidelines for these banks, requiring them to clearly define the assets they will support and their intended user demographics.
Hu Zehua, the FSC’s Global Planning Division Director, emphasized the importance of transparency, stating that details about the trial will be shared at least 15 days prior to the application period. The commission is also keen on gathering public feedback to refine the initiative.
In addition to custody services, the FSC is paving the way for institutional investors to trade foreign crypto exchange-traded funds (ETFs). A proposal for comprehensive crypto regulations is on the horizon, with a draft expected by the end of December and a formal proposal by June 2025.
The FSC is committed to ensuring the security of these custody services while actively combating money laundering.
