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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.