Taiwan’s Financial Supervisory Commission (FSC) is setting the stage for a significant advancement in cryptocurrency adoption. The FSC plans to launch a pilot program for crypto storage services through local banks. Scheduled to begin collecting applications by early 2025, the initiative has already attracted interest from three private banks ready to pioneer a crypto custody business. The pilot will focus on major cryptocurrencies like Bitcoin, Ether, and Dogecoin, targeting both professional and general investors.

This move is part of a broader strategy to strengthen Taiwan’s position in the global financial market. By updating its Anti-Money Laundering framework to include cryptocurrencies and permitting professional investors to engage with foreign cryptocurrency exchange-traded funds, Taiwan is paving the way for increased institutional engagement in the crypto space.

As one of Asia’s leaders in technology and finance, Taiwan is rapidly becoming a key player in the cryptocurrency market. The FSC’s proactive approach, including public consultations and regulatory updates, underscores its commitment to integrating digital currencies into Taiwan’s economic fabric, signaling potential growth into a major crypto market.

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