Taiwan’s financial regulators are getting ready to look into cryptocurrency security services. This is a big step toward the country’s businesses using cryptocurrencies. In the first three months of 2025, the Financial Supervisory Commission (FSC) wants to test out crypto storage services through local banks.
The FSC will begin taking applications from financial companies that want to join the program early next year, according to sources. At this point, three private banks in Taiwan have shown interest in taking part in the test.
For banks and other financial institutions to be a part of this project, they need to say what kinds of digital assets they will store for customers. Well-known coins like Bitcoin, Ether, and Dogecoin could be among these assets. Applicants will also have to describe who they want to work with, which could be anyone from individual investors to bitcoin companies.
During a recent press conference, Hu Zehua, head of the FSC’s comprehensive planning section, said that the FSC will make detailed information about the trial public at least 15 days before the application process starts. The FSC will also ask people what they think about the program so that it can be improved and be a success.
In addition to the planned trial, Taiwan’s FSC has recently made changes to its rules against money laundering that affect cryptocurrency. All companies that deal with crypto will have to register with the government by September 2025 because of these new rules. Not following the rules could result in harsh punishments like fines of up to $156,000 or jail time of up to two years.
Taiwan is different from its neighbor, mainland China, which banned cryptocurrency trades in 2021. Taiwan is becoming more involved in the cryptocurrency field. Taiwan does not accept bitcoin as money, but it does allow investments in digital assets and is trying to make the rules for the business simpler.
People in the crypto world are paying close attention as Taiwan places itself as a big player. Because the country is open to new ideas and has changed its rules, it could become an important place for digital assets in Asia.
