Taiwan’s Financial Supervisory Commission (FSC) is looking to stop the use of credit cards for crypto purchases, according to local media reports.
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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.
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In the letter, the regulator had reportedly warned of the risks associated with virtual assets, and is giving credit card firms three months to to comply with the new requirements.
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The FSC also said that credit cards cannot be used for online gambling, stocks, futures, options and other transactions, according to the report.
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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.
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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
