Taiwan’s financial regulator is asking banks and credit card companies not to allow credit cards as a means of payment for virtual assets services, local media reported Thursday.
The financial watchdog’s move comes after Taiwan enacted anti-money laundering rules for cryptocurrency service providers in July 2021, but the crypto industry remains largely unregulated.
The authority said credit cards should serve as a payment tool for consumption rather than a method for financial investment and speculative trading.
The regulator gave credit card acquirers three months to make adjustments to comply with the new requirements.
Meanwhile, Taiwan is mulling a central bank digital currency (CBDC), and last month completed trials of its prototype retail CBDC in technical simulations.
