Taiwan Financial Supervisory Commission has sent a letter to the Association of Banks reminding them not to engage in cryptocurrency.
The report said credit card processors must not facilitate payment for crypto platforms.
Taiwan FSC, over the years, ruled that credit cards are illegal payment tools for online gambling, stocks, futures, options and other similar transactions.
A local media company in Taiwan has reported that the its Financial Supervisory Commission (FSC) is looking to ban credit cards for crypto purchases.
Additionally, the FSC noted to credit card firms that if their current practices do not meet its stated requirements, they must make adjustments within three months. After that, the audit unit must review its internal compliance and report the results to the meeting.
The FSC of Taiwan has sent a letter to the Taiwan’s local banking association reminding them that virtual assets “are highly speculative and risky, and the cash flow is complex and challenging to...
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