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Taiwan Set to Ban Crypto Purchases Using Credit Cards: Report

Taiwan Set to Ban Crypto Purchases Using Credit Cards: Report

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.

The country's financial regulator sent a letter to the banking association asking credit card companies to stop taking on crypto firms as merchants.

The country's financial regulator sent a letter to the banking association asking credit card companies to stop taking on crypto firms as merchants.

By Sandali Handagama
AccessTimeIconJul 22, 2022, 8:41 AM
Updated May 11, 2023, 3:56 PM
Taiwan's financial regulator wants credit card agencies to stop serving crypto firms. (chenning.Sung/Getty Images)
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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.

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Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.

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