Taiwan plans to test Bitcoin, Ether and Dogecoin custody services through local banks from Q1/2025, attracting the interest of three private banks.
The Taiwan Financial Supervisory Commission (FSC) is implementing a plan to test cryptocurrency custody services within the domestic banking system, expected to start in the first quarter of 2025. According to the Central News Agency, the FSC will collect applications from banks interested in providing custody services for Bit and other cryptocurrencies. Currently, three private banks in Taiwan have expressed interest in participating in this pilot program.
The financial institutions participating in the trial will provide information on the types of digital assets to be custodied, including Bit, Ether and Dogecoin, as well as the target customer groups such as professional investors, individuals or cryptocurrency exchange platforms.
According to Mr. Hu Zehua, Director of the FSC's Overall Planning Department, the agency will publish information about the pilot program at least 15 days before accepting registration applications and collect feedback to adjust the trial process.
The Taiwan government is increasing its oversight of the cryptocurrency market. In early October, the FSC updated the Anti-Money Laundering (AML) legal framework related to the use of cryptocurrencies, requiring companies to register by September 2025. The FSC also allowed professional investors to participate in foreign cryptocurrency exchange-traded funds from September.
Although cryptocurrencies are not yet recognized as legal tender in Taiwan, the government is building a legal framework for investment in digital assets.
