Taiwan Set to Ban Crypto Purchases Using Credit Cards: Report
The country's financial regulator sent a letter to the banking association asking credit card companies to stop taking on crypto firms as merchants.
Updated May 11, 2023 at 3:56 p.m. UTC
Taiwan's Financial Supervisory Commission (FSC) is looking to stop the use of credit cards for crypto purchases, according to local media reports.
- The FSC told Forkast News on Friday that it had issued a letter to the local banking association in early July, which asked credit card agencies to stop bringing on crypto platforms as merchants.
- In the letter, the regulator had reportedly warned of the risks associated with virtual assets, and is giving credit card firms three months to comply with the new requirements.
- The FSC also said that credit cards cannot be used for online gambling, stocks, futures, options and other transactions, according to the report.
- In recent months, regulators around the world have been speeding up crypto rules as global crypto markets took a big hit this year, with several prominent entities liquidating and billions of dollars leaving the industry.
- After China's crackdown on crypto in 2021, Taiwan saw a rush of activity and was slated to emerge as the region's new crypto hub. However, the local crypto industry has gone quiet since.