🚀 Taiwan to Introduce Institutional Crypto Custody Services
posted 9 Oct 2024
The Financial Supervisory Commission (FSC) of Taiwan announced on October 8 that institutions can begin submitting applications to test bitcoin custody services. This information was provided by the Central News Agency.
While the official program won’t kick off until the first quarter of 2025, three private banks in Taiwan have already expressed interest in joining the pilot phase of the project.
During a press conference, Hu Zehua, Director of Comprehensive Planning at the FSC, announced that the Commission will provide more detailed information about the initiative within 15 days. He mentioned that this timeframe would be sufficient to collect feedback from various stakeholders, and any final adjustments will be made based on that input.
The FSC further noted that it will prioritize the security of custodial operations. Additionally, its efforts will be focused on preventing and tackling money laundering.
Financial institutions will be mandated to freeze any crypto assets traced back to illegal activities, including wallets linked to terrorist organizations.
To apply with the FSC, companies will need to specify the cryptocurrencies they plan to store (like Ethereum, Bitcoin, or Dogecoin), along with the type of business or investor clientele they will be serving.
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