This is a very positive step for the digital assets approach in this country. Taiwan In 2025, the country will begin a trial of Bitcoin custody through local banks. In fact, the Financial Supervisory Commission of the country is collecting applications to gauge institutional interest. Moreover, the applications seek to test cryptocurrency custody services during Q1 next year.
Taiwan’s regulators will see an increase in crypto adoption by institutions through these trials. Three private banks have reportedly expressed interest in participating in the trial. The pilot project expects a multitude of banks to participate.
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Taiwan is preparing to conduct Bitcoin custody trials with local banks in early 2025
Cryptocurrencies made a huge leap forward in 2024. In fact, this asset class has seen a noticeable increase in relevance within finance. In the US, two ETFs based on crypto currency are expected to be launched this year. As a result, the price of the top asset has risen from $73,000 all the way up to $75,000. Nations around the world have responded by determining their respective approaches to this industry, as it continues its evolution.
Taiwan has been proactive in its approach, announcing recently that it will launch Bitcoin trials with local bankers by 2025. According to local media, Taiwan’s FCS will pilot cryptocurrency storage through local banks this year. Central News Agency.
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In the report, it was noted that banks interested in storing cryptos must be very clear about what they are. The report also specifically referred to Bitcoin (BTC), Ethereum(ETH), Dogecoin (DOGE). The pilot project may not include only these assets. However, this was the only asset discussed.
The institutions that want to participate must be clear about the target users. It means that they have to clarify whether they are going to be in charge of the cryptocurrency belonging either general investors, or professionals. Overall, this should mark another important step in Taiwan’s adoption of crypto.
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Source: watcher.guru
