Taiwan’s Financial Supervisory Commission (FSC) is set to ban the use of credit cards for crypto purchases.
The regulatory body on Friday stated that it had issued a letter to the local banking association in early July. Credit card agencies were reportedly informed to stop bringing in crypto platforms as merchants.
In the letter, Taiwan‘s FSC warned of the risks associated with virtual assets, and is giving credit card firms three months to comply with the new requirements. The regulators said that credit card cannot be used for online gambling, stocks, futures, option & other transactions.
Regulators have been making & speeding up crypto rules as a result of the crypto meltdown this year. This made several prominent entities to liquidate and cause billions of dollars to leave the industry.