Taiwan prepares to ban crypto purchases with credit cards

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2022-07-23 12:51:53

Taiwan’s Financial Supervisory Commission (FSC) has ordered credit card issuers to stop providing services to cryptocurrency platforms.

Taiwan prepares to ban crypto purchases with credit cards

Taiwan’s financial regulator is looking to prevent the use of credit cards for cryptocurrency transactions, local news agency said.

Accordingly, the FSC issued a letter earlier this month, asking the local Bankers Association to order credit card issuers to stop cooperating with crypto platforms.

In the letter, the regulator also did not forget to warn about the risks associated with virtual assets and the deadline was set for three months for the parties to comply. The FSC emphasized that credit cards will be banned for online betting, stocks, futures, options and other transactions.

In recent months, regulators around the world have been exert pressure on the global cryptocurrency market in the context of many big names being massively liquidated and billions of dollars of assets evaporated forever.

After China’s crackdown on the crypto industry last year, Taiwan has sprinted and emerged with sweeping initiatives with ambitions of becoming a new regional crypto hub. However, the cryptocurrency industry here seems to have stagnated since then.

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