In what is certainly a positive development for the country’s digital asset approach, Taiwan is set to launch Bitcoin custody trials through local banks in 2025. Indeed, the country’s Financial Supervisory Commission is planning the collection of applications for institutional interest. Moreover, these applications will seek to trial cryptocurrency custody services in Q1 of next year.
Taiwan’s local regulators are poised to see a surge in institutional crypto adoption through the trials. Additionally, the project has reportedly already seen three private banks in the country express interest in taking part in the trials. Therefore, the pilot project is expecting to have a plethora of banks seeking to take part.
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Taiwan Eyeing Bitcoin Custody Trials With Local Banks in Early 2025
In 2024, cryptocurrencies took a massive step forward. Indeed, the asset class saw a notable increase in its relevance in finance. With the US approaching two crypto-based ETFs this year, the leading asset surged to an all-time high price of $73,000. In response, nations across the world are establishing their approach to the industry as it continues to evolve.
One country taking a proactive approach is Taiwan, which recently announced its intention to launch Bitcoin custody trials with local banks in 2025. Indeed, the county’s FCS is set to pilot cryptocurrency storage services through local banks in the coming year, according to the local Central News Agency.
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The report noted that interested banks are required to be clear on what cryptos they store. Moreover, the report specifically referenced Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). It is not yet clear if the pilot project will only include these assets, however, they were the only ones discussed by name.
Institutions that are interested in taking part must also express clarity on the users they are targeting. This means they must clarify if they will have custody of crypto belonging to general investors or professional ones. Altogether, it should be another step toward more thorough crypto adoption in Taiwan.