Crypto Purchases Using Credit Cards To Be Banned In Taiwan: Report

Cryptocurrency transactions using credit cards will no longer be allowed in Taiwan, as the island nation’s watchdog believes digital currencies are risky and speculative assets, local reports disclose.

In a letter sent to the banking industry association earlier this month, Taiwan’s Financial Supervisory Commission urged them not to extend “merchant status” to digital asset providers that support credit card holders.

According to reports, credit card processors must be vigilant and should not utilize virtual assets. The reports noted that credit card companies believe that cards are only consumer payment instruments and not investment and wealth management devices with high speculative financial leverage trades.

Fast-Tracking Crypto Regulation Around The Globe
Credit card issuers who now support crypto merchants have three months to comply with the FSC’s requirement, according to the reports. After the deadline, providers must submit a compliance audit report to the agency.

Source: https://bitcoinist.com/crypto-purchases-using-cards-to-be-banned-in-taiwan/