- Taiwan will allow banks to test digital asset custody services, focusing on institutional clients starting in early 2025.
- Ripple’s expansion in Asia strengthens with a major payment license from Singapore’s financial regulator.
As its Financial Supervisory Commission (FSC) gets ready to introduce a trial for digital asset custody services, Taiwan is likely to make major advancements in the crypto market. Beginning in early 2025, the program will let three big banks protect digital assets, including well-known cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.
Encouragement of financial innovation is the key objective, all the while keeping rigorous regulatory compliance. Aiming to establish itself as a major participant in the fast expanding crypto market in Asia, this action marks a pivotal turning point in Taiwan’s developing effort to include digital assets into its financial system.
🚨BREAKING:
A media outlet backed by the Singapore government, Taiwan’s Financial Services Commission, plans to allow banks to test digital asset custody services starting in Q1 of 2025! 🏦 #Ripple already got a payments license in Singapore! 🇸🇬 https://t.co/z1fPOuOWtN… pic.twitter.com/rVlkkdR0WV
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 10, 2024
Ripple Strengthens Asian Presence with Singapore License Amid Taiwan’s Crypto Growth
Although Taiwan’s approach to bitcoin control is developing, Ripple is already causing stir in the area. According to CNF, Ripple’s participation in Asia has deepened once its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) was approved.
As Ripple keeps increasing its presence in the area, this license gives it the major advantage since it allows it to offer digital token payment systems.
With Taiwan joining the crypto custody service market, Ripple is positioned to use its established regulatory footprint in surrounding Singapore, therefore indicating additional possible development and integration of Ripple’s products in the region.
Part of Taiwan’s larger attempt to boost its financial sector, the FSC’s decision to let banks handle digital assets—mostly for institutional clients—allows Particularly via strong anti-money laundering systems, the regulatory structure will guarantee the best degrees of security for these assets.
The FSC will also demand that participating financial institutions precisely specify the kind of assets they will handle and the customer they will service, therefore ensuring a clear method to control digital assets.
Getting important legal licenses like the MPI license in Singapore gives Ripple a competitive advantage as it keeps growing internationally. The proactive approach of Singapore toward digital asset innovation fits very nicely with Ripple’s goal of offering quick cross-border payment solutions.
The next custody services trial in Taiwan will help to establish Taiwan as a major hub for digital assets even more, and Ripple’s presence will probably be crucial in this changing scene.
Meanwhile, the XRP price is swapping hands at $0.5474 at the time of writing, a slightly 0.73% increase over the last 24 hours.