Share this article
Taiwan Set to Ban Crypto Purchases Using Credit Cards: Report
The country's financial regulator sent a letter to the banking association asking credit card companies to stop taking on crypto firms as merchants.
Updated May 11, 2023, 3:56 p.m. Published Jul 22, 2022, 8:41 a.m.
Taiwan's Financial Supervisory Commission (FSC) is looking to stop the use of credit cards for crypto purchases, according to local media reports.
- 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.
- In the letter, the regulator had reportedly warned of the risks associated with virtual assets, and is giving credit card firms three months to comply with the new requirements.
- The FSC also said that credit cards cannot be used for online gambling, stocks, futures, options and other transactions, according to the report.
- 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.
- 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
STORY CONTINUES BELOW
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Senate confirms Trump crypto-friendly nominees to take over CFTC, FDIC
In a package of confirmations, the U.S. Senate approved Mike Selig to lead the CFTC and Travis Hill to run the FDIC, both with major potential reach into crypto.
What to know:
- The U.S. Senate moved to confirm a massive package of President Donald Trump's nominees on Thursday, including two officials with important regulator roles over the crypto sector.
- The chamber approved the confirmations of Mike Selig to run the Commodity Futures Trading Commission and Travis Hill to lead the Federal Deposit Insurance Corp.
- Selig will have a leading role as a crypto watchdog, replacing Acting Chairman Caroline Pham, who has been pushing an aggressive crypto policy agenda in the absence of a permanent agency chief.
Top Stories
