Taiwan through its Financial Supervisory Commission (FSC) has moved to ban the use of credit cards in purchasing cryptocurrencies.
As per reports
According to the FSC, credit cards are payment tools for consumer goods and services and as such should not be used as payment options for financing speculative trade. In addition to that, credit cards cannot be used for futures and options trading, online gambling, and other related transactions.
The regulators also gave credit card companies three months to comply with the new directive. After the expiration of their period, the regulator's audit team will monitor the level of compliance. After the blanket ban on crypto-related activities in China, Taiwan witnessed a boom in the sector with the bigger interest in NFTs. This had many in the sector touting it as the next crypto hub but this has since seamed down.
The FSC has also been very vocal about the nascent sector since after the Chinese ban in 2021. The regulator has made several...
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