The Taiwanese Financial Supervisory Commission (FSC) wants to stop the use of credit cards for crypto purchases, according to local media reports.
- FSC told Forkast News on Friday that it issued a letter asking credit card agencies not to accept crypto platforms as merchants in early July.
- Credit card companies have three months to comply with the new requirements after the regulator warned of the risks associated with virtual assets.
- Moreover, the FSC said that credit cards cannot be used to buy online gambling services, stocks, futures, options, and other financial services.
- As global crypto markets have taken a hit this year, regulators around the world have started tightening crypto laws as several prominent entities have liquidated and billions of dollars have left the industry.
- After China’s crackdown on cryptocurrency in 2021, Taiwan saw a rush of movement and was slated to emerge as the region’s new cryptocurrency hub. However, the local crypto industry has gone quiet since.