Taiwan In 2025 to test crypto protection services through local banks
Taiwan is looking to boost institutional cryptocurrency adoption as local regulators want to test crypto storage services through local banks.
Taiwan's Financial Supervisory Commission (FSC) is preparing to launch an institutional trial of crypto tutoring services, local media's Central News Agency reported on October 8.
Source: Crypto PM
While the FSC is expected to begin collecting applications in the first quarter of 2025, three private banks in Taiwan have expressed interest in exploring crypto custody business.
FSC mentions Bitcoin, Ether and Dogecoin
Citing information released by the FSC, the report said that financial institutions applying for crypto custody testing must disclose to customers the type of assets they store, such as Bitcoin (BTC), Ether (ETH) or Dogecoin (DOGE). .
In addition, institutions should include information on the type of users they are targeting, professional or general investors, crypto asset platforms or others.
FSC General Planning Department Director Hu Zehua said at a press conference on Monday that the authority is expected to release information for the trial 15 days before accepting applications. The FSC will collect public comments on the proposed trial and adjust the process accordingly.
Cointelegraph reached out to the FSC for comment regarding the tests, but had not received a response by the time of publication.
Is Taiwan the next major crypto market?
The report comes amid growing Taiwanese government involvement in cryptocurrency.
On October 2, the FSC updated Taiwan's anti-counterfeiting regulations regarding the use of cryptocurrencies such as Bitcoin. In the update, the authority forced all crypto companies to register with the government by September 2025 or face severe penalties such as up to two years in prison or a $156,000 fine.
Related: National Bank of Bahrain Launches First Bitcoin Investment Fund
Taiwan's FSC allowed professional investors to participate in foreign exchange-traded funds in September. The move aims to expand investment options and improve the competitiveness of Taiwan's financial market, the commission said.
Source: Radar
Taiwan has emerged as one of the most innovative markets in Asia, particularly in technology and finance. According to legal experts from the regulated EU, Taiwan does not recognize cryptocurrency as legal tender, but its government allows and regulates investments in cryptocurrency, and the FSC is actively working to create clear rules for the nascent industry.
According to the World Blockchain Summit, Taiwan could be the “next major crypto market” even though the government has yet to issue any crypto-related legislation.
While Taiwan is actively adopting cryptocurrency, its neighbor China has announced that it will take a big step towards cryptocurrency trading in 2021.
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