Taiwan regulators are planning to test crypto custody in banks in the country next year.
Taiwan’s Financial Supervisory Commission is planning to let banks test digital asset custody starting in Q1 2025, according to a report from the Central News Agency.
Three private banks expressed an interest in this program.
Hu Zehua said at a recent press conference, the Director of Comprehensive Planning Division, FSC will allow 15 days for the public to voice their opinions and be considered.
According to the FSC, firms that apply for an initial trial of crypto-custody services are required to disclose which digital assets will be kept, as well as their intended clientele. This includes whether it is retail investors, professionals investors or platforms offering crypto-exchanges.
Hu Zehua said that the FSC gives “special consideration” to the cyber security practices of firms offering services in crypto-custody and asks them to fight money laundering by blocking assets originating from illegal funds.
The FSC changed its policy last week and mandated that all crypto companies must register with them by September 2025, or they will face fines of up to $156,000 or two years imprisonment.
The FSC announced at the end of the month that professional investors would be allowed to purchase foreign cryptocurrency exchange traded funds (ETFs).
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The report Taiwan Regulators Plan Crypto Custody Next Year with Local Banks may change as new information becomes available.
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