{"id":95926,"date":"2024-10-09T09:59:28","date_gmt":"2024-10-09T13:59:28","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=95926"},"modified":"2024-10-09T09:59:33","modified_gmt":"2024-10-09T13:59:33","slug":"taiwan-to-pilot-crypto-custody-services-through-local-banks-in-2025","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/taiwan-to-pilot-crypto-custody-services-through-local-banks-in-2025\/","title":{"rendered":"Taiwan to Pilot Crypto Custody Services Through Local Banks in 2025"},"content":{"rendered":"\n

Taiwan seeks to promote institutional cryptocurrency adoption<\/a> as regulators endeavor to pilot crypto custody services through local institutions in the first quarter of 2025.<\/p>\n\n\n\n

\"Taiwan
Taiwan to Pilot Crypto Custody Services Through Local Banks in 2025<\/figcaption><\/figure>\n\n\n\n

Central News Agency, a local media outlet, reported on October 8 that Taiwan's Financial Supervisory Commission (FSC) is preparing to initiate an institutional trial of crypto custody services.<\/p>\n\n\n\n

\n

Crypto News Alert \ud83d\udea8

Taiwan's Financial Supervisory Commission is launching virtual asset custody services!

\u27a1\ufe0f 3 banks are eager to join the initiative, set to kick off in Q1 next year.

Are you excited to see this evolution in Taiwan's crypto landscape?

\ud83d\udd36 What assets\u2026<\/p>— Crypto PM (@CryptoPM_) October 9, 2024\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/blockquote>

Three private banks in Taiwan have already expressed interest in piloting a crypto custody business despite the FSC's reported intention to commence the application process in the first quarter of 2025.<\/p>\n\n\n\n

FSC mentions Bitcoin, Ether, and Dogecoin<\/h2>\n\n\n\n

The report cited explanatory information from the FSC, which stated that financial institutions applying for a trial run of crypto custody would be required to specify the type of assets they store for clients, such as Bitcoin, Ether, or Dogecoin.<\/p>\n\n\n\n

Furthermore, the institutions must provide information regarding their target consumers, including professional or general investors, crypto-asset platforms<\/a>, or other entities.<\/p>\n\n\n\n

At a news conference on Monday, Hu Zehua, the director of the comprehensive planning division at FSC, reportedly stated that the authority anticipates disclosing information regarding the trial at least 15 days before accepting applications. <\/p>\n\n\n\n

The FSC will also gather public feedback on the proposed trial and make the necessary adjustments to the process.<\/p>\n\n\n\n

Is Taiwan Set to become the next big crypto market?<\/h2>\n\n\n\n

The report's publication coincides with the government of Taiwan's increasing involvement in cryptocurrency.<\/p>\n\n\n\n

The FSC revised Taiwan's Anti-Money Laundering<\/a> framework on October 2 to address the use of cryptocurrencies such as Bitcoin. <\/p>\n\n\n\n

In the update, the authority mandated that all crypto companies register with the government by September 2025 or face severe penalties, including prison sentences of up to two years and $156,000 in fines.<\/p>\n\n\n\n

The FSC of Taiwan granted professional investors the ability to interact with foreign cryptocurrency exchange-traded funds in September. <\/p>\n\n\n\n

The commission stated that the action aimed to enhance Taiwan's financial market competitiveness and broaden investment opportunities.<\/p>\n\n\n\n

\n

BREAKING: \ud83c\uddf9\ud83c\uddfc Taiwan's second largest telecom operator, Taiwan Mobile, gets virtual asset licence and may open its own cryptocurrency exchange [@WuBlockchain<\/use><\/svg><\/span><\/a>]

Taiwan Mobile co has ~10 million customers! pic.twitter.com\/76MiKCOqTS<\/use><\/svg><\/span><\/a><\/p>— Radar \ud835\ude38\u200b Archie\ud83d\udea8 (@RadarHits) July 5, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Taiwan has become one of the most innovative markets in Asia, particularly in finance and technology. Legal experts from Regulated United Europe have stated that Taiwan does not recognize cryptocurrency as a legal tender. <\/p>\n\n\n\n

However, the government permits and regulates investments in cryptocurrency, and the FSC is currently involved in developing explicit regulations for the emerging industry.<\/p>\n\n\n\n

Taiwan can potentially become the “next major crypto market,” as per the World Blockchain Summit<\/use><\/svg><\/span><\/a>, despite the government's failure to enact any crypto-related legislation thus far.<\/p>\n\n\n\n

In 2021, mainland China significantly restricted cryptocurrency transactions despite Taiwan's active adoption of the technology.<\/p>\n","protected":false},"excerpt":{"rendered":"

Taiwan seeks to promote institutional cryptocurrency adoption as regulators endeavor to pilot crypto custody services through local institutions in the first quarter of 2025. Central News Agency, a local media outlet, reported on October 8 that Taiwan’s Financial Supervisory Commission (FSC) is preparing to initiate an institutional trial of crypto custody services. Three private banks […]<\/p>\n","protected":false},"author":12,"featured_media":95946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[15364,2300,10799],"class_list":["post-95926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-custody-services","tag-pilot-trial","tag-taiwan"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/ftaiwan.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=95926"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/95946"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=95926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=95926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=95926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}