Regulators in Taiwan are reportedly planning a trial of crypto custody services at local banks next year.
According to a new report from the Central News Agency (CNA), a media outlet backed by the Singapore government, Taiwan’s Financial Supervisory Commission (FSC) plans to let banks trial digital asset custody services from the first quarter of 2025.
So far, three private banks have shown interest in the program.
According to the report, Hu Zehua, director of the FSC’s Comprehensive Planning Division, said at a press conference that before applications are accepted, there will be a 15-day period during which external opinions can be heard and considered.
The FSC says companies requesting a trial of crypto custody services must disclose the specific digital assets they were required to hold, as well as their target audience, such as whether they are retail investors, professional investors or crypto exchange platforms.
According to Hu Zehua, the FSC is paying “special attention” to the cybersecurity practices of a company offering crypto custody services and is also asking companies to combat money laundering by blocking digital assets derived from illicit funds.
Last week, the FSC changed its policy, requiring all crypto-based companies to register with the regulator by September 2025 or face a prison sentence of up to two years or a $156,000 fine.
In late September, the FSC also announced that it would now allow professional traders to invest in foreign crypto exchange-traded funds (ETFs).
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further XFacebook and Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/Yevheniia Rodina/Natalia Siiatovskaia/maksum iliasin