Taiwan is planning to prohibit credit card purchases of cryptocurrency

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.

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