In the future, banks will safeguard virtual assets! The Financial Supervisory Commission has approved 4 banks for a pilot program, and Taishin Bank is currently under guidance.

In order to promote financial technology innovation and respond to the demands of the virtual asset market, Taiwan's Financial Supervisory Commission will begin a pilot program for "virtual asset custody services" starting from the end of 2024. As of the end of April 2025, four institutions have submitted applications: Cathay United Bank, KGI Bank, Federal Bank, and China Trust Bank. It is anticipated that from June 15 of this year, other financial institutions will also be allowed to submit applications.

The Financial Supervisory Commission of Taiwan opened a trial for banks to custody virtual assets last year.

The Financial Supervisory Commission announced in 2024 that "virtual asset custody business" can be included in the scope of themed business pilot programs, and also released related explanatory materials and Q&A to help local financial institutions understand the specific regulations and processes for participating in the pilot.

( Banks will be able to custody virtual assets! Taiwan's Financial Supervisory Commission Chairman Peng Chin-long: Promoting five major strategies for financial technology )

The first wave of applications has been submitted by 4 companies, with Taishin Bank providing guidance.

According to the pilot plan, financial institutions can submit trial applications to the Financial Supervisory Commission from January 1 to April 30, 2025. As of the end of April 2025, 4 financial institutions have submitted applications, namely:

KGI Bank

China Trust Bank

Federal Bank

Cathay United Bank

Currently, these 4 companies have been listed as "priority review" subjects. It is understood that Taishin Bank is currently receiving guidance. Considering the differences in the scale, strategy, technological capability, and human resources of various financial institutions, the Financial Supervisory Commission has announced that it will continue to accept a new round of applications starting from June 15, 2025, hoping to allow companies to plan and prepare according to their own pace before submitting applications. At the same time, it also emphasized that companies are welcome to raise consultation and guidance needs, and the Financial Supervisory Commission will provide necessary assistance.

This article discusses the future of banks safeguarding virtual assets! The Financial Supervisory Commission has reviewed 4 banks for pilot programs, with Taishin Bank currently undergoing guidance. This was first reported by Chain News ABMedia.