Taiwan to Ban Purchasing Crypto Via Credit Cards

by in Cryptocurrency News

Taiwan crypto regulation

Taiwanese regulators plan to ban the use of credit cards for cryptocurrency purchases. Local media reports that the Financial Supervisory Commission sent a letter to the Association of Banks saying that virtual currencies are highly speculative and risky. They added that the cash flow is complex and difficult to monitor activities essentially.

Related: Taiwan Made a Change in the Crypto Category Listing

According to the letter, credit card acquirers shouldn't use virtual assets. The FSC gave credit card companies three months to comply with the updated rules.

The financial regulator noted that credit cards are essentially a consumer payment tool, emphasizing that over the years, credit cards have been required not to be used for online gambling, stocks, and more.

According to the new rules, credit card acquirers need to pay attention not to sign virtual asset service providers which means virtual currency platforms and transaction business undertakings as special stores.