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Taiwan Set to Ban Crypto Purchases Using Credit Cards: Report
The country's financial regulator sent a letter to the banking association asking credit card companies to stop taking on crypto firms as merchants.
Taiwan's Financial Supervisory Commission (FSC) is looking to stop the use of credit cards for crypto purchases, according to local media reports.
- The FSC told Forkast News on Friday that it had issued a letter to the local banking association in early July, which asked credit card agencies to stop bringing on crypto platforms as merchants.
- In the letter, the regulator had reportedly warned of the risks associated with virtual assets, and is giving credit card firms three months to comply with the new requirements.
- The FSC also said that credit cards cannot be used for online gambling, stocks, futures, options and other transactions, according to the report.
- In recent months, regulators around the world have been speeding up crypto rules as global crypto markets took a big hit this year, with several prominent entities liquidating and billions of dollars leaving the industry.
- After China's crackdown on crypto in 2021, Taiwan saw a rush of activity and was slated to emerge as the region's new crypto hub. However, the local crypto industry has gone quiet since.
Read more: Can Taiwan Become Asia’s Crypto Haven? Not Yet
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Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
