Taiwan Local Banks to Custody BTC, ETH, and DOGE in 2025

As a seasoned researcher who has been closely monitoring the crypto market for years, I find this development in Taiwan absolutely thrilling! Having worked extensively in Asia and particularly with Taiwan’s tech-savvy financial institutions, it’s fascinating to see them taking a more proactive approach towards crypto.


Today, Wednesday, October 9th, the Taiwan Financial Supervisory Commission (FSC) unveiled a strategy aimed at facilitating trials for cryptocurrency storage services. They also urged conventional financial establishments to engage in this innovative endeavor.

This advancement arises as the prominent Asian semiconductor company aims to increase institutional cryptocurrency acceptance and initiates a trial run for institutional cryptocurrency safekeeping services, according to reports from the Central News Agency.

Crypto News Alert 🚨

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

➡️ 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?

🔶 What assets…

— Crypto PM (@CryptoPM_) October 9, 2024

Three Taiwanese private banks have expressed initial enthusiasm for providing cryptocurrency safekeeping services. Consequently, the Financial Supervisory Commission regulator is set to receive applications from these banks during the first half of 2025.

As an analyst, I’ve received further details from the Financial Services Commission (FSC) that any financial institutions planning to experiment with crypto custody should disclose the types of digital assets they intend to secure for their clients. This includes, but is not limited to, Bitcoin (currently trading at $62,008 with a 24-hour volatility of 0.8% and a market cap of $1.22 trillion), Ethereum (currently valued at $2,436, with a 24-hour volatility of 0.2%, a market cap of $293.04 billion, and a 24-hour volume of $13.81 billion), or Dogecoin (currently priced at $0.11, with a 24-hour volatility of 2.9%, a market cap of $16.13 billion, and a 24-hour volume of $681.02 million).

Beyond this, it’s important that these entities make clear who their services are intended for. This could include individual investors, professional financiers, cryptocurrency platforms, or various other categories of users.

Furthermore, the Forest Stewardship Council aims to gather public opinions on their proposed custodial trials and make necessary adjustments to the process as needed.

Taiwan Shows Greater Interest in Crypto

Over the last few months, the Taiwanese government has increased its presence in the cryptocurrency market. Recently, on October 2nd, the Financial Services Commission (FSC) made adjustments to Taiwan’s anti-money laundering guidelines, specifically for the utilization of digital assets such as Bitcoin.

As an analyst, I’m sharing a crucial update: By September 2025, it is now mandatory for all cryptocurrency entities to register with the government. Not adhering to this could lead to significant consequences, such as imprisonment for up to two years or penalties amounting to approximately $156,000.

Last month in September, the financial regulatory body of Taiwan, FSC, granted permission for experienced investors to interact with foreign exchange-traded funds (ETFs) related to cryptocurrencies, as a result of increasing interest in these investment instruments in the market.

As a researcher, I’ve observed that Taiwan stands out as one of Asia’s pioneering markets, showing great innovation in technology and finance sectors. In the legal landscape of Regulated Europe, while Taiwan does not consider cryptocurrency as legal tender, it allows and regulates investments in this digital domain. The Financial Supervisory Commission (FSC) is proactively working towards establishing clear-cut regulations for the burgeoning crypto industry.

As a market analyst, I find myself increasingly intrigued by the potential of Taiwan emerging as the “next significant crypto market”. The growing competition from nearby regions such as Hong Kong suggests a promising landscape for cryptocurrency growth in Taiwan.

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2024-10-09 16:09