Taiwan's Financial Supervisory Commission (FSC) plans to initiate a trial for crypto custody services in the first quarter of 2025.
Taiwan's Financial Supervisory Commission (FSC) plans to initiate a trial for crypto custody services in the first quarter of 2025, according to a report from local media outlet Central News Agency.
The initiative aims to facilitate institutional adoption of crypto, with three private banks already expressing interest in participating in the trial.
The FSC has specified that institutions applying for the trial must identify the types of assets they intend to store, including Bitcoin, Ether, and Dogecoin. Additionally, applicants will need to clarify their target user demographics, distinguishing between professional and general investors, as well as crypto asset platforms.
Hu Zehua, director of the FSC's comprehensive planning division, indicated that detailed information regarding the trial will be publicly released at least 15 days prior to the application process.
The FSC will also gather public feedback to refine the trial framework.
In tandem with these plans, the FSC has updated Taiwan's Anti-Money Laundering regulations, mandating that all crypto companies register with the government by September 2025. Non-compliance could result in severe penalties, including fines up to $156,000 or imprisonment for up to two years.
Taiwan's crypto-friendly approach stands in contrast to its neighbor, mainland China, which announced a major crackdown on crypto transactions in 2021.
According to legal experts from Regulated United Europe, Taiwan does not recognize crypto as legal tender, but the government allows and regulates investments in the digital asset space.
The World Blockchain Summit has also identified Taiwan as potentially the "next major crypto market," despite the lack of specific crypto-related legislation so far.
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