Taiwan To Ban Credit Card For Crypto Purchases

Taiwan all set to ban credit card usage for crypto purchases.

Taiwan's Financial Supervisory Commission (FSC) is looking to stop the use of credit cards for crypto purchases.

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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.

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In the letter, the regulator had warned of the risks associated with virtual assets, and is giving credit card firms three months to to comply with the new requirements.

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They said that credit cards cannot be used for online gambling, stocks, futures, options and other transactions.

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Regulators 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.

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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.

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However, the local crypto industry has gone quiet since then.

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