The first case in Taiwan! Commonwealth Bank cooperates with MaiCoin to officially launch "Virtual Asset Custody Pilot Business"

On September 9, the Commonwealth Bank officially announced that it would cooperate with MaiCoin Group, a local virtual asset exchange, to launch a "virtual asset custody pilot business."
(Preliminary summary: Why the Federal Bank blocks agreed transfers: the proportion of encrypted accounts becoming warning accounts is too high, and the fraudulent cash flow is difficult to check)
(Background supplement: MaiCoin won the Beijing Municipal Child Care Award! 30 days of paid leave a year, maternity bonus + health subsidy of 50,000)

Contents of this article

The Federal Bank announced on September 9 that it will cooperate with the local virtual asset exchange MaiCoin The group cooperated to launch the "Virtual Asset Custody Pilot Business". This is the first case in Taiwan where a bank provides crypto asset custody services, marking the institutionalization of the connection between traditional finance and virtual assets.

Bank entry: a key step in compliance

According to the announcement, the Commonwealth Bank obtained the approval of the Financial Supervisory Commission in June. After three months of internal testing and auditing, it has now been officially released to the public. For virtual assets that have long been regarded as highly volatile and risky, the participation of banks is equivalent to stamping a "compliance" seal on the market and establishing a reference template for subsequent peers.

The Financial Supervisory Commission adopts a gradual opening-up strategy to control risks in a pilot format, so that the internal control and money laundering prevention standards of traditional finance can be directly applied to digital assets.

Cooperation layout: cold wallet and risk control

In this cooperation, AMIS, a subsidiary of MaiCoin Group, will provide a cold wallet solution, using an offline private key storage design to isolate network attacks. The Commonwealth Bank will first use the small-scale assets of "Modern Wealth Technology Co., Ltd." for custody verification, set up multiple review mechanisms for the deposit, withdrawal, and signature processes, and document all operations to comply with the bank's regular audit requirements. Chairman Lin Honglian emphasized:

"Protecting the security of customer assets is a new challenge. We must bring bank-level risk management into virtual assets so that customers can feel at ease in the digital financial field."

He added that in the future, the types and scale of assets will be expanded, while customer education will be promoted to allow users to understand the characteristics and regulatory responsibilities of crypto assets.

Market Effect: Mainstreaming and Accelerating Competition

As the Commonwealth Bank sets a precedent, the market expects that other commercial banks will follow suit, leading to competition in custody rates, service content and risk insurance conditions, which will ultimately benefit investors. But despite this, the price fluctuations and technical risks of virtual assets themselves still exist, and continuous investor education and regulatory updates are also indispensable.