Buying crypto with credit cards is now indirectly banned in Taiwan

2022.07.23 15:57

Buying crypto with credit cards is now indirectly banned in Taiwan

Taiwan’s Financial Supervisory Commission (FSC), a chief financial regulator, issued a note to the banking industry, indicating that they should not grant the virtual assets providers (VASPs) the status of merchant in operations with credit card holders. That means a de-facto ban on buying crypto with a credit card on the island.

As the local media reported on Thursday, July 21, the Financial Supervisory Commission sent a letter to the Association of Banks in early July, reminding the members of the Association of Banks that virtual assets are highly speculative and risky, and the cash flow is complex and challenging to monitor transactions effectively.

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